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2013 (4) TMI 65 - ITAT AHMEDABADCash credit - addition u/s 68 - addition on account of loan received - Held that:- Before the CIT (A), in respect of Kokilaben Patel it was submitted that she is a non resident and the amount was given by her from account payee cheque and the copy of account of her bank account was also submitted and thus the assessee had discharged the initial onus cast upon. These facts could not be disputed by Revenue by bringing any contrary material on record. In the case of Alkaben Vasudev, the amount of ₹ 2,50,000/- was received by cheque and the copy of the Bank account of Alkaben along with the confirmation was also filed. As the assessee has discharged the initial onus cast upon it. The Revenue could not controvert the submissions of the assessee. CIT (A) while confirming the addition in the case of Alkaben Vasudev Patel has mainly relied on her bank statement. It is a settled law that the assessee can only be asked to prove source of credits in its books of accounts and not the source of the source of deposit. Further there is nothing on record to prove that summons was issued to Alkaben by the Revenue or explanation was sought from her with respect to the cash deposits. Another reason for confirming the addition of loan from Alkaben was that the signature on the copy of confirmation was not authenticated. Nothing has been brought on record by Revenue the provisions which requires for authentication of the signature and the authority who was required to authenticate the signature of the depositor. Thus the addition made on account of cash credit needs to be deleted. In favour of assessee
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