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2017 (5) TMI 205 - AT - Income TaxAddition u/s 68 - loans creditors admitted to the fact of having advanced the loan to the assessee - Held that:- It is not the case of the assessee that the loan creditors had advanced the money out of the income of the year alone and no positive material has been brought on record to show that loan creditors could not have any other source like his capital i.e. saving of earlier years or receipt from any other person from which the loan creditors could not have advanced the loan. The Assessing Officer observed that the loan creditors have deposited the amount in cash before issuing cheque to the assessee. In our view where a borrowing or a credit is shown to have come from the person other than the assessee, there is no further responsibility for the assessee to show that it has come from the accounted source of the lender. As decided in case of CIT vs. Shiv Dhooti Pearls & Investment [2015 (12) TMI 1291 - DELHI HIGH COURT] held that where the assessee has discharged its onus to prove the creditworthiness and genuineness of the lender, there was no requirement in law for the assessee to prove the genuineness and creditworthiness of the sub-creditor. Thus we delete the addition made by the Assessing Officer u/s.68 of the Act as unexplained cash credit. - Decided in favour of assessee Denying deduction u/s.54F claimed out of long term capital gain on sale of land - Held that:- We are of the considered view that if during the course of assessment proceedings, the assessee filed details of claim of exemption of the same u/s.54F of the Act, the Assessing Officer is duty bound to entertain those details and verify the same and if the assessee is found eligible otherwise as per the conditions u/s.54F of the Act, he is bound to allow deduction to the assessee. Our view finds support from the circular of CBDT No.014(XL)-35) dated 11.4.1955. Further, we find that the assessee has filed all details for claim of deduction u/s.54F before the CIT(A), who held against the assessee on the ground that the assessee had not claimed deduction in the return of income. We find that Hon’ble Supreme Court in the case of Goetz (India) Ltd (2006 (3) TMI 75 - SUPREME Court ) has categorically held that the decision does not impinge upon the power of the appellate authority. Thus we feel it would be just and fair to remand back the issue of allowability of deduction u/s.54F to the file of the Assessing Officer for adjudication afresh as per law after considering all the details and evidence filed by the assessee in support of the claim. - Decided in favour of assessee for statistical purposes.
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