TMI Blog2012 (8) TMI 798X X X X Extracts X X X X X X X X Extracts X X X X ..... h was considered for deleting the addition u/s 68. When two amounts belonged to the same transaction, and in respect of one part, the confirmation was available from PAN and the statement of account filed by the very party, the creditworthiness and genuineness of the whole transaction could have been considered from those documents. Appeal of revenue dismissed. - Tax Appeal No. 403 of 2011 - - - Dated:- 12-6-2012 - V.M. Sahai and N.V. Anjaria, JJ. Mrs. Mauna M. Bhatt for the Appellant. JUDGMENT N.V. Anjaria , J.- The Revenue has preferred this appeal under Section 260A of the Income Tax Act, 1961, to challenge order dated 09.07.2010 of the Income Tax Appellate Tribunal, Ahmedabad, proposing the following substantial quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000/-, confirmation from Anand Corporation was available bearing its partner's signature and had also the income-tax Permanent Account Number (PAN). The addition of that amount was directed to be deleted. As regards the loan from Chandan Tea Enterprises, the appellate authority concluded that out of the total amount, amount of Rs.1.5 lacs represented loan, however there was no confirmation therefor from the party and the addition of that amount under section 68 of the Act was proper. The rest of the amount was accepted for deletion on the basis of the material placed before it by the assessee. 2.2 Before the Income Tax Appellate Tribunal, cross appeals were filed, being ITA No.2031/Ahd/2004 by the Department and ITA No.2080/Ahd/2004 by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dered by the authorities below for the purpose of deleting the addition. The learned CIT(A) also noted that creditworthiness and genuineness of the transaction is not proved in the matter. However, out of the same transactions when the other transactions have been taken into consideration in respect of the same party, therefore, the authorities below should have considered the issue in the light of the statement of account of the aforesaid party filed at page 52 of the paper book. This party is also assessed to tax and Permanent Account Number is given in the confirmation filed at PB 53. The creditworthiness and genuineness of the transaction could be considered from these documents. The confirmation filed at PB-53 is stated to be filed bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credit sought to be dealt with under section 68 of the Act by adding the same in the income were the loans from two parties, out of which for the amount of Rs.2 lacs from Anand Corporation, the confirmation was available with signatures of the partners and PAN. In DCIT v. Rohini Builders (256 ITR 360), our High Court has taken a view that the identity of creditor could be proved from PAN. As far as loan from Chandan Tea Enterprise was concerned, the Tribunal has dealt with the same by rightly observing that Rs.1,50,000/- was part of the same total amount which was considered for deleting the addition under section 68. When two amounts belonged to the same transaction, and in respect of one part, the confirmation was available from PAN a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
