TMI Blog2013 (6) TMI 626X X X X Extracts X X X X X X X X Extracts X X X X ..... lt with the merits in the case by CIT (A) on the issue that the sum of Rs. 28,00,000/- was not liable to be added to the income of the assessee as unexplained credit u/s 68. Hence, this issue of lack of notice u/s 143(2) is now of only academic interest. - ITA No.2383 /DEL/ 2012 - - - Dated:- 21-6-2013 - Shri A. D. Jain And Shri Shamim Yahya,JJ. For the Petitioner : Smt. Reena Nehru, Advocate For the Respondent : Shri Tarun Seem, Sr. DR ORDER Per Shamim Yahya, AM:- This appeal by the revenue is directed against orders of CIT(A) dated 23.2.2012 and pertains to assessment year 2008-09. The grounds of appeal reads as under :- 1."On the facts and in the circumstances of the case, the Ld. Commissioner of Income Tax (Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... donor / creditor is very vital and that the assessee is required to prove even the source of the source." 2. Apropos the issue on merits - addition of Rs. 28,00,000/- on account of unexplained cash credit. 3. On this issue the Assessing Officer observed that during the year assessee has accepted unsecured loan as under :- "Raj Bala Rana Rs. 13,50,000/- Saurabh Nehru Rs. 8,00,000/- Nehru Jee Rs. 20,00,000/- Total Rs. 41,50,000/-" 4. A.O. asked the assessee to furnish details in regard to the above. In response to the AOs queries in this regard, assessee furnished confirmation / copy of ITR and bank statement of Smt. Raj Bala Rana. In respect of other two parties o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncluded that as under :- "The AO has contended that the capacity of lenders does not stand established in the light of income declared by them in their returns of income. However, such contention is devoid of any merit. The income declared by the lender can be considered as a measure to determine the capacity but not a conclusive yard stick. The soruces of fund for extending loan can be either from the exempt income, accumulated bank balances, capital receipts and receipt of funds from others. I find that the source of fund for advancing loan to the appellant by Smt. Raj Bala Rana was same from the bank account of Shri Saurabh Nehru and the loan from Smt. Raj Bala Rana has been accepted by the AO to be genuine. Hence, treating the loan fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which amount of Rs. 75,00,000/- was earlier credited on 10.12.2007. Out of this source Shri Nehru Jee had extended loan of Rs. 20,00,000/- on 19.12.2007 through cheque to the assessee. Similarly, from the bank account of Shri Saurabh Nehru, It was found that a sum of Rs. 32,00,000/- was credited on 29.11.2007 on transfer from the bank account of M/s Nehru Style, a proprietary concern or Shri Nehru Jee. Out of this fund, an amount of 20,00,000/- was transferred to Smt. Raj Bala Rana through cheque on 30.11.2007. Further amount of Rs. 20,00,000/- was extended through cheque on the same date to the assessee. In this regard Ld. CIT has observed that the source of fund for advancing loan to the assessee by Shri Raj Bala Rana was same i.e. from t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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