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2015 (12) TMI 1751 - AT - Income TaxUnexplained cash credit u/s 68 - discharge of onus - Held that:- The assessee has received the loan of ₹ 15 lakhs from Smt. Purnima Tiwari. She was assessed to tax since 1987-88. She has given confirmation letter. She has PAN and also filed income tax returns. The computation of income, capital account and balance sheet were also submitted. The assessee has also submitted copy of her bank account fromwhere the assessee received the amount. The source of source was also explained. The assessee has paid interest and deducted TDS which is duly reflected in Form 26AS. The depositor is engaged in the business since long. The assessee also requested the Assessing Officer to issue summons to depositor but he did not act on the request of the assessee. All these facts cumulatively show that the assessee was able to discharge the onus placed upon it in terms of section 68 - Decided against revenue Addition made on account of receipts not recorded in the books of accounts - Held that:- CIT(A) has rightly granted part relief to the assessee as both service tax and escort charges were shown separately in the profit and loss account on net basis. The learned DR failed to controvert the findings of the learned CIT(A). We, therefore, sustain the same. Addition on account of disallowance out of certain expenses on the basis of discrepancies found therein - Held that:- CIT(A) has granted relief to the assessee on the ground that the vouchers prepared by computers and hand-writing and the entries made therein were narrative. The learned DR failed to controvert the findings of the learned CIT(A) with any positive evidence contrary to that. Considering all these facts, we sustain the order of the learned CIT(A) - Revenue appeal dismissed.
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