Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (4) TMI 251 - AT - Income TaxUnexplained cash credit - Held that:- There is no doubt about the identity, genuineness and creditworthiness of loan taken from M/s Pappillion Exports Ltd. of ₹ 60,85,000/-. From going through the paper book at pages 83 to 85 wherein bank statement of Sarvodaya Co-op. Bank Ltd. in the name of M/s Pappillion Exports Ltd. a/c no.4479 as well as bank statement of M/s Hiral Pharma Ltd. are placed, we observe that in January, 1997 a cheque No.133279 has been issued by M/s Pappillion Exports Ltd. and on the very same day this amount has been transferred to the account of assessee and the entry of the same is reflected in the bank statement of assessee. This clearly shows that there was bank transaction through cheque no.133279 for ₹ 60,85,000/- between M/s Pappillion Exports Ltd. and the assessee. Further as regards non-availability of other details from Sarvodaya Co-op. Bank Ltd. due to it being in liquidation we find that records have been placed by assessee showing extract of financial statement of Sarvodaya Co-op. Bank Ltd. which is having a schedule of a/c wherein name of M/s Pappillion Exports Ltd. is appearing which shows that M/s Pappillion Exports Ltd. was having its banking transactions through Sarvodaya Co-op. Bank Ltd. Thus there occurred a bank transaction between the assessee and M/s Pappillion Exports Ltd. and assessee has duly received loan of ₹ 60,85,000/- from M/s Pappillion Exports Ltd. through bank transfer. Therefore, ld. CIT(A) has made no error in deleting the addition made by the Assessing Officer. - Decided in favour of assessee.
|