9911796707
TMI Blog2014 (1) TMI 244X X X X Extracts X X X X X X X X Extracts X X X X ..... .35,78,820/-." 3. At the time of hearing before us, it is submitted by the learned DR that the onus is upon the assessee to prove the cash credit standing in its books of account. To discharge such onus, the assessee is required to prove the identity of the creditor, creditworthiness of the creditor and the genuineness of the transaction. Since the assessee was unable to discharge the onus which lay upon it, the Assessing Officer rightly treated the credit of Rs. 35,78,820/- as unexplained credit in its books of account. The learned CIT(A) deleted the same without properly appreciating the facts of the case. She, therefore, submitted that the order of learned CIT(A) should be reversed and that of the Assessing Officer should be restored. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated by the assessee in his submission as well as facts stated in the remand report & assessment order. The Assessing Officer has made an addition of Rs.35,78,820/- as unsecured loans to the assessee company on account of undisclosed income u/s 68 of the Income Tax Act 1961. The assessee company has received unsecured loans of Rs.35,78,820/- from the following persons:- i) Sh. Rahul Kumar Merwah Rs.5,45,000/- ii) Sh. Pushkar Kumar Merwah Rs.3,45,000/- iii) Ms. Kaitki Kumari Merwah Rs.7,50,000/- iv) Mrs. Manju Kumari Merwah Rs.19,38,820/- Rs.35,78,820/- The assessee in his submission has stated that loan of Rs.5,45,000 was taken from Sh. Rahul Kr. Marwah out of the sale proceeds of commercial property. The assessee has give ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Cir.9(1) in her remand report dt. 28.7.11. has not commented on the additional evidence filed by the assessee were not signed by these persons. The case was sent again for remand report vide my office letter dated 20.1.12 reproduced at page 11 of this order. In the second remand report dt. 26.6.12 the Assessing Officer Mrinal Kumar Das, DCIT, Circle-9(1), New Delhi has copied verbatim the remand report of his predecessor without commenting on the merits of the case. On perusal of these evidences, it is found that the agreement was signed by these persons but only receipt was not signed. These evidence have been admitted by me and on the basis of facts stated by the assessee on page 3 to 8 of this order and the facts recorded in the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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