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TMI Blog2013 (6) TMI 626X X X X Extracts X X X X X X X X Extracts X X X X ..... that initial notice u/s 143(2) was not served upon him ignoring the facts that the notice was sent to the given address of assessee by speed post and same was not received back un-served. Even, all other notices sent on same address by same method were received by assessee and the assessee has not proved non receipt of notices by any conclusive evidence." 2."On the facts and in the circumstances of the case, the Ld. Commissioner of Income Tax (Appeals) has erred on facts and in law, in annulling the assessment order by ignoring the decision of Hon'ble Delhi High Court in the case of CIT vs. Yamu Inds Ltd., 214 CTR (Del.) 445(2008), (306 ITR 309) in which it has been held that since notice u/s 143(2) sent by Registered Post has not been re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ght of the above, the Assessing Officer allowed the unsecured loan from the Raj Bala Rana amounting to Rs. 13,50,000/-. However, the other loans from Shri Saurabh Nehru ( Rs. 8,00,000/-), Shri Nehrujee (20,00,000/) were added to the income of the assessee u/s 68 of the IT Act. 6. Upon assessee's appeal Ld. CIT(A) noted that assessee has now furnished the bank accounts of the lenders. Assessing Officer observed that it is evident from the bank statement of Shri Saurabh Nehru with ICICI bank that a sum of Rs. 32,00,000/- was credited on 29.11.2007 on transfers from the bank account of M/s Nehru Style, the proprietary concern of Shri Nehru Jee. Out of said funds an amount of Rs. 20,00,000/- was transferred to Smt. Raj Bala Rana through cheque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th his creditors are genuine and the creditors' identities and creditworthiness have been established. The case of Rajshree Synthetics Pvt. Ltd. Vs. CIT (Supra) relied upon by the AO is distinguishable as in that case confirmations without any PAN details were submitted. Therefore, the addition of Rs. 28,00,000/- made by the AO is not sustainable." 9. Against the above order revenue is in appeal before us. 10. We have heard both the counsels and perused the records, we find that Assessing Officer has made addition of Rs. 28,00,000/- on account of unsecured loan by holding that as the assessee has only furnished the confirmation. The evidence of Income Tax return and bank statements were not furnished before the Assessing Officer. Hence, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the loan from Shri Saurabh Nehru as unexplained would be AOs own contradiction as the source of funds remains the same. 12. In the background of aforesaid discussion, we find that assessee has furnished the bank statements of the lenders. From these statements it was established that the lenders had adequate bank balance to grant the loan to the assessee. The lenders were also income tax assessee. In these circumstances, we agree with the Ld. CIT(A) that assessee has been able to establish that the transaction with the creditors are genuine and the identities and credit worthiness have been established. Accordingly, we do not find any infirmity in the order of Ld. CIT(A). Accordingly, we uphold the same. 13. One more issue raised by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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