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2018 (11) TMI 1248 - AT - Income TaxUnexplained cash credit u/s 68 - Genuineness of the loan - Held that:- In case of the bank statement of the assessee it is apparent that cash was deposited prior to issue of cheque to the assessee. It is also apparent that four years bank statement was not provided by the assessee to the assessing officer. In case of Siddh Sai reality private limited, the lender shown profit of ₹ 12 lakhs for the year but filed a return of income of ₹ 120,000. Further prior to the issue of the cheque of ₹ 10 lakhs on 14 2012 to the assessee there was deposit of ₹ 9 lakhs and ₹ 1 lakhs on two different dates prior to the issue of cheques to the assessee. On these transactions, the learned assessing officer has expressed its doubt about the genuineness of the transaction. This genuineness of the transaction can only be proved by the production of the directors before the assessing officer which assessee has failed to do repeatedly - We set aside the whole issue back to the file of the learned assessing officer with a direction to the assessee to produce the directors of both the lenders companies before the assessing officer for the examination and to explain the source of cash deposited in their bank account before issue of cheques to the assessee. - Decided in favour of assessee for statistical purposes.
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