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2021 (4) TMI 204 - ITAT AHMEDABADAddition u/s 68 - treating the unsecured loan as unexplained cash credit - CIT(A) has allowed the assessee to submit the additional evidences under rule 46A of the Act - HELD THAT:- The comments of the Assessing Officer at the remand proceeding reported that assessee has furnished details and documents which prima-facie show the source of funds in the hands of the lender Sh. Romi Patel who is also the director of the assessee company. AO has only expressed his observation to the source of funds to the amount of only ₹ 49,000/- claimed out of cash withdrawn almost two and a half months prior to the deposit and also stated that lender (director of the assessee company) has failed to make compliance with the summon issued under section 131 of the Act. It was also reported loan transactions were reflected in the copy of bank statement of the lender as well as the receiver. Without specifically considering the aforesaid facts and material, the ld. CIT(A) has held in a general manner that the assessee has failed to establish the genuineness and creditworthiness of the loan creditors. As elaborated above in this order, the assessee has furnished additional evidences duly admitted under 46A by the Ld. CIT(A) demonstrating that the depositor Shri Romi P. Patel has received an amount of ₹ 5 lacs from A.M. Enterprises and on 12th May, 2011, the depositor had also received ₹ 5 lacs from M/s. Manilal Prabhudas & Sons a partnership firm and balance of ₹ 49,000/- was out of cash withdrawal of ₹ 1 lacs from his bank account maintained with HDFC Bank. It is noticed that these additional evidences has not been disproved by the Assessing Officer by making further investigation and verification. In the light of the above facts and circumstances, we consider that ld. CIT(A) is not justified in sustaining the addition, therefore, the appeal of the assessee is allowed.
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