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2015 (3) TMI 443 - AT - Income TaxUnexplained deposit - unaccounted loan receipts - Held that:- So far as Shri Ravindra Shamrao Tambolkar is concerned he has confirmed that he has given the loan to the assessee. He has also explained the source.He confirmed that he has given the personal loan to the assesse of ₹ 3,00,000/- and out of that he has received back ₹ 2,50,000/- during the period October/November, 2007. In the case of this person, he has not stated that he was having any agricultural income but at the same time as per the statement given by the said Shri Ravindra Shamrao Tambolkar on oath before the Assessing Officer, it is seen that he has sufficient funds with him to lend sum of ₹ 3,00,000/- to the assessee. Thus delete the addition in respect of Shri Ravindra Shamrao Tambolkar of ₹ 3,00,000/-. - Decided in favour of assessee. In respect of Shri Revansidheswar Swamiji he has also stated in the clear terms that he has given the loan to the assessee but there is no record. He produced the record of the agricultural activities. It is claimed by him that he has 45 Acres of agricultural land and 10 Acres of agricultural land is irrigated. He also produced the sample receipts of the sale of TUR only the name of mentioned as Basavlingeshwhar Math. He also produced the sample sale of bills of sale of sugarcane to the Sidhheswar S.S.K. Solapur. It is true that he has not assessed to tax but if a person having substantial agricultural income but he is not having the non-agricultural income or non-agricultural income is below the non-taxable limit inference can be drawn that he is not capable to giving any loan as claimed. Thus there is a creditworthiness in respect of amount of ₹ 5,00,000/- given to the assessee. - addition deleted. - Decided in favour of assessee. In respect of Shri Pandurang Babu Shinde it is true that he has not assessed to tax but he has appeared before the Assessing Officer and confirmed that he has given the hand loan to the assessee. He also explained that the source of the said hand loan is from the agricultural activities. He also produced 7/12 extract of the agricultural land to demonstrate that in fact he is owner of agriculture land. He also claimed that he is taking crops like sugarcane, maize, jowar, harbhara etc. He also stated that he sales agricultural produce. Merely because he is not assessed to tax but the data on record suggest that he is otherwise capable to give the loan to the assessee and then why he should be rejected on the reason of his creditworthiness. We, accordingly, delete the addition of ₹ 3,00,000/- - Decided in favour of assessee. In respect of Shri Irrappa Rajappa Konapure, the Assessing Officer has noted that he is also agriculturalist and owner of 4.5 Acre agricultural land which was irrigated. He also cultivated and takes the sunflower and jowar and sales his agricultural produce. He has also stated that he has 5 buffalos and two cows from which he sales the milk to villages. He also confirmed that he has given ₹ 3,00,000/- to the assessee from time to time during the period May 2006 to November 2006 in cash. He also filed the confirmation letter. As per the facts noted by the Assessing Officer in our opinion the identity and genuineness cannot be doubted. So far as the creditworthiness is concerned he has explained the source of his income, thus his source is sufficient to lend some of ₹ 3,00,000/- to the assessee. - Decided in favour of assessee. In respect of Shri Gurrappa Saibanna Iranar is concerned, he is old person and he is not assessed to tax. As noted by the AO as per his statement he is owner of 8 Acre agricultural land. He is also produced 7/12 extract of all his agricultural lands. The said person also explained where as he sales the agricultural produce. He also confirmed that he has given the loan to the assessee. It appears that there is some contradictions in his statement in respect of annual income but so far as the identity and genuineness are concerned that cannot be doubted the only aspect to be considered is to creditworthiness. It is clear that he has given ₹ 3,00,000/- to the assessee but in our opinion as per the statement recorded that may not support his claim of giving ₹ 3,00,000/- to the assessee. After considering the figures of the income, in the interest of justice, we hold that to the extent of ₹ 2,00,000/- he has established his creditworthiness. We, accordingly, sustain the addition to extend of ₹ 1,00,000/- - Decided partly in favour of assessee. In respect of Shri Basavraj Ambadas More, we find that he is the owner of 6.5 Acre agricultural land which is irrigated. He confirmed that he has given the loan to the assessee. As per the facts on record and statement of the said person identity and genuineness cannot be doubted. It is also stated by him that he takes the agricultural produce in the form of grapes. He also produced documentary evidence in the form of sales bills of the dry grapes. Giving our anxious consideration to statement of the said person as well as the documentary evidence, we hold that the assessee has established identity, genuineness and creditworthiness of the said person. -Decided in favour of assessee. In respect of Sou Taramati S. Jadhav. Admittedly, the said loan creditor did not appear before the Assessing Officer. Admittedly, the assessee had filed only 7/12 extract to demonstrate that she is owner of land. It is claimed that she has paid ₹ 3,00,000/- to the assessee. In our opinion in this case, the identity, genuineness and creditworthiness are not proved. We, accordingly, confirm the addition. Decided against assessee.
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