TMI Blog2015 (8) TMI 615X X X X Extracts X X X X X X X X Extracts X X X X ..... various parties. It is no doubt true that the person who had taken the said loan, expired during the course of the assessment proceedings. Consequently, the names could not be furnished. Nevertheless it is a matter of record that the assessee had not produced any material by way of any resolution passed to avail of such loan to discharge the liability. Thus, in the absence of any material furnished by the assessee, the only other course available to the Assessing Officer was to consider this income as income from other sources. We do not find that the reasoning is faulty or illogical for this court to interfere with the order of the Income-tax Appellate Tribunal.- Decided against assessee. - Tax Case (Appeal) Nos 37 and 38 of 2014 and M. P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law in holding that the amounts collected by the late Mr. Ebenesan was not acceptable, when the Revenue itself has accepted the similar loan transaction from the same Mr. Ebenesan as genuine ? T. C. (A.) No. 38 of 2014 5. Whether the Tribunal was right in not allowing the miscellaneous petition filed under section 254(2) of the Income-tax Act, 1961 ? 3. The assessee is an association granted registration under section 12AA of the Income-tax Act, 1961. On going through the balance-sheet, the Assessing Officer pointed out that to the discrepancies pointed out by the auditor in the internal audit as regards the repayment of loan in cash to the tune of ₹ 1,16,18,000 was brought into the books of account with no identity o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he fact remains there was no resolution of the board produced acknowledging the availing of loan or payment of interest. In the circumstances the Assessing Officer viewed that it was unexplained credit to the tune of ₹ 1,16,18,000 and the amount had been taken away without identifying any person. Thus, when the entries were not proved as genuine transaction, the amount was taken to be income of the assessee as per section 68 of the Income-tax Act, 1961, as unexplained income from other sources. Aggrieved by this the assessee went on appeal before the Commissioner of Income-tax (Appeals). 4. The assessee contended that the dispute pointed out by the internal audit of the assessee was accepted and it repaid certain cash loan and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 68 of the Income- tax Act, 1961. Consequently, the Assessing Officer was directed to exclude the said amount from the assessment of the assessee. As regards the balance of ₹ 1 crore of which ₹ 50,00,000 (rupees fifty lakhs only) was partly repaid in cash, the Commissioner of Income-tax (Appeals) pointed out that the assessee-organisation had no details. Consequently, the Assessing Officer's order treating it as unexplained cash credit under section 68 of the Income-tax Act, 1961, was upheld. Aggrieved by this, the assessee went on appeal before the Income-tax Appellate Tribunal. 5. After referring to the order of the Commissioner of Income-tax (Appeals), the Income-tax Appellate Tribunal pointed out that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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