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TMI Blog2012 (7) TMI 246X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration, the assessee received back a sum of Rs. 25 lakhs which was the unsecured loan earlier given to Shri S.S.Malik. During the course of assessment proceedings, the assessee has furnished the confirmation of Shri S.S.Malik alongwith copy of acknowledgment of his income tax return. However, the Assessing Officer was not satisfied because, according to him, the assessee has not produced the evidence of the loan given to him in the earlier year. Before the learned CIT(A), the assessee has given the details of cheque No.152504 dated 26.10.2004 by which the same was given to Shri S.S.Malik and bank statement of Shri S.S.Malik with State Bank of Mysore to establish the loan given to Shri S.S.Malik. However, it was stated by the assessee tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 007, it became Rs. 92,78,620/-. Thus, the assessee has duly established the identity, creditworthiness as well as genuineness of the transaction. He further stated that the Assessing Officer has issued summon under Section 131 to Shri S.S.Malik and in response to which, he directly replied before the Assessing Officer, copy of which is placed at page 15 of the assessee's paper book in which he has affirmed the loan taken by the assessee as well as repayment thereof. He also enclosed copy of his income tax return for AY 2008-09. That the evidence relating to loan given in AY 2004-05 was not relevant but since the Assessing Officer has recorded the finding that the assessee has not proved the loan given, therefore, such further details were g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ri for the assessment year 2008-09, to confirm the loan taken from him and its subsequent payment. It is hereby confirmed that the a loan of Rs.25,00,000 was received on 27.10.2004 vide cheque no. 152504. The loan was repaid in the financial year 2007-08 vide cheque no. 048143 dated 30.04.07 amounted to Rs.10,00,000 and vide cheque no. 048150 dated 20.07.07 amounted to Rs.15,00,000 from my bank with HSBC (account no. 054-000864-006) at DLF Centre Arcade, Gurgaon, Haryana. Also find attached income tax return copy for the financial year 2007-08. Any other information required will be duly submitted." 6. After the above letter, in our opinion, there remains no question of any doubt about the genuineness of the transaction. In our opinion, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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