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2014 (12) TMI 797 - ITAT AHMEDABADVarious cash credits - Onus discharged by assessee or not – CIT(A) appreciated the complete facts and various papers like confirmation etc. in his proper perception or not – Held that:- Regarding deposit on sale of gold ornaments of the mother of the assessee, Smt. Bhavridevi Agarwal, the assessee was able to file copy of the sale bills issued by Samarth Marketing, jewelers, Ahmedabad, and these evidences could not be controverted by the Revenue – the mother of the assessee, Smt. Bhavridevi Agarwal is an aged lady and extent of gold ornaments claimed to have been sold by her could not be said to be excessive - the credit entry of ₹ 7 lakhs on sale of gold ornaments belonging to the mother of assessee, Smt. Bhavridevi Agarwal has been explained. Regarding credit entries on receipt of loans from various persons – Held that:- They are all close relatives of the assessee and have filed confirmation along with their copy of return and also their PANs. before the AO and the CIT(A) - no case of addition on account of receipt of loans from these three persons could be made out by the Revenue, and the addition is deleted - credit entry of ₹ 10,000/- claimed to have been on account of amount received from Shri Pavan Singhal also stands explained, as confirmation from the creditor along with his complete address and PAN card copy was filed before the AO and the CIT(A) - none of the persons are income tax assessee, and no corroborative evidence in support of the case of the assessee was filed by the assessee - the addition made to the extent of ₹ 55,000/- is upheld – Decided partly in favour of assessee. Validity of reopening of assessment u/s 147 - Unexplained deposit cash credit has already been added in the name of Shri Sunil kumar Agrawal or not - Held that:- There was no mistake in the order of the CIT(A) in holding that section 68 applies to the case of Shri Sunil kumar Agrawal since the bank account in which the credit entries were found belonged to him and moreover, the amount of cash credit has already been added in the name of Shri Sunil kumar Agrawal, and it could not be added in the hands of the assessee - merely on the basis of some statement given by Shri Sunilkumar Agrawal, it could not be said that Shri Sunilkumar Agrawal was absolved of the responsibility of explaining the source of credit entries in his bank account - no other evidence could be produced by the department to suggest that the amount in the bank account of Shri Sunilkumar Agrawal belongs to the assessee – thus, the order of the CIT(A) is upheld in cancelling the order of reassessment made – Decided against revenue.
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