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2017 (8) TMI 321 - ITAT DELHIUnexplained unsecured loans - identity, creditworthiness and genuineness of the loan - transactions through the mediator - amount was re-paid - Held that:- When once the primary documents were already supplied to the revenue by the assessee then the revenue could have served the said mediator Mr. Jalaj Batra and by not doing so, the assessee cannot be punished for not producing the said mediator and even otherwise without Mr. Jalaj Batra being in picture, the assessee has already discharged the primary onus cast on him by furnishing various details like PAN, TAN, addresses, master data from the website of Ministry of Corporate Affairs, details of directors, bank statement of the assessee indicating transaction through banking channel. Thus we hold that the additions made by AO and sustained by CIT(A) on the ground that summons were returned back and the parties were not produced are bad in law, hence the same are ordered to be deleted. - Decided in favour of assessee. Additions on account of unexplained bank deposits - Held that:- As submitted that the bank account belonged to M/s. Gift & Novelties Impex, Proprietorship concern of the assessee and in this respect, the statement was also produced before the A.O. After hearing the parties and on perusal of the documents, the statement in respect of withdrawal of 5 lacs from Indian Overseas Bank is reflected and as per the submissions of the assessee. The remaining amount of Rs,1,00,000/- was alleged to be deposited out of cash-in-hand lying with the assessee. However, no documentary evidence in support of availability of 1 lakh was brought on record before the lower authorities nor before us. Therefore, we hold that the AO should have restricted the additions only to the amount which the assessee could not explain the source. Therefore in our view, the additions made by AO and confirmed by CIT(A) is restricted to ₹ 1 lakh only in place of ₹ 6 lakhs.
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