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TMI Blog2012 (11) TMI 836X X X X Extracts X X X X X X X X Extracts X X X X ..... of which the AO was not accepted the genuineness of the loans in respect of four parties, namely, Rs. 70,000/- in the name of Ms. Kasmira Doshi, Rs. 40,000/-in the name of Priyanka Doshi, and Rs. 50,000/- in the name of Ms. Shreya Doshi. The AO found that the said parties were minors. During the course of assessment proceedings, the assessee filed confirmations along with bank statements. Not satisfied with the said evidence, the AO issued summons u/s 131 in respect of the said minor parties. Since the assessee failed to produce the said parties before the AO, the AO confirmed the addition of Rs. 1,70,000/-. On appeal, the CIT(A) confirmed the order of the AO. The assessee carried the matter in appeal before the Tribunal and before the Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax details with PAN A: I am assessed to Income tax vide PAN AFUPD1460L, I am filing my income tax return with ITO. Q.No. 3 What nexus with West Coast Diesel Ltd. A: I am not aware of the West Coast Diesel Ltd. Q.No. 4. Have you made any transactions with West Coast Diesel Ltd., if made why you have made?. To whom do you know from the said company, who has requested or asked you to make the financial transaction with the company. A: I am not aware of any transactions made with West Coast Diesel Ltd. and I do not know. My Husband Mr. Sanjay Doshi may aware of such transactions. Q.No. 5 Who used to deposit any amount in your saving bank account and who used to manage your savings account ? My Husband Mr. Sanjay Doshi used to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he FY 2000-01 and has she received any gift above Rs. 5000, on which occasion and who has given such gifts. During the FY 2000-01 my daughter's age was 4 year old, we used to receive gifts to my daughter but there was no one who had gifted above Rs. 5000/-." A: I am not aware of any transactions made with West Coast Diesel Ltd. and I do not know. My Husband Mr. Rajesh Doshi may aware of such transactions." 4. The learned AR of the asesssee submitted before the AO that he wanted to cross-examine the above two ladies, namely, Priti Doshi and Rekha Doshi. However, the AO had concluded that the loan received by the assessee from the minor of the guardians had been treated as unexplained cash credits and treated the same as assessee's income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainable. Under section 68 of the income tax act, only loans which are not explainable, can be treated as income of the appellant. The AO found that ladies could not explain the source of cash deposits of Rs. 1,20,000/- in the bank account of Mrs. Rekha Doshi and deposit of Rs. 50,000/- in the bank account of Mrs. Priti Doshi. Since the other deposits in the bank accounts of these ladies were explainable, AO was justified in not accepting part of the loans as genuine. From the statements of ladies, which the AO recorded in the assessment proceedings, it is clear that these two ladies are not aware of the appellant company, about the loans introduced by the appellant company in their names and they were also not aware about cash deposits in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that loan creditors are minors and it was only the guardians, who could explain entries in the bank statement. He has also submitted that he is ready to produce the guardians to loan creditors to prove genuineness of the loans given by the minor children. He failed to produce them before the AO and the AO examined them and recorded their statements. In our view, the AO, after examining the guardians of the minor children from whom the assessee stated to have been received the impugned loans, found that the said ladies could not explain the sources of cash deposits of Rs. 1,20,000/- in the bank account of Mrs. Rekha Doshi and deposit of Rs. 50,000/- in the bank account of Mrs. Priti Doshi. Accordingly, he treated the said amounts as unexpla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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