TMI Blog2014 (3) TMI 618X X X X Extracts X X X X X X X X Extracts X X X X ..... ion is the credit of some amounts in the books of accounts of the assessee for a particular year - If the assessee does not offer any explanation about such credit or explanation offered by him is not satisfactory, then only AO can make additions for such cash credits - as stated by the FAA, there is no finding that assessee had taken loan of Rs. 22.46 lacs during the under appeal – thus, the order of the FAA does not suffer from any legal infirmity – Decided against Revenue. - ITA No. 39/Mum/2013 - - - Dated:- 18-3-2014 - Sh. Rajendra And Amit Shukla, JJ. For the Petitioner : Shri Pitamber Das For the Respondent : None ORDER Per Rajendra, AM. Challenging the order dt.18.10.2012 of the CIT(A)-23, Mumbai, Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... man Vishram 1, 01, 468.75 7. M. D. Bathi 97, 028 8. Rajiv D. Bathi 8, 34, 954 9. R. Ranchod 1, 48, 113.85 10. Ruda R. Ravaria 73, 265.08 11. R. V. Ravaria 1, 00, 985.05 Total 29, 95, 355.83 He directed the assessee to furnish confirmation of unsecured loan from the parties concerned. In response to his directions assessee, filed loan confirmation showing opening balance of loans in all the cases. From the confirmations filed, AO noticed that PAN of the parties were written but same were not signed. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1961 on account of cash credit. The Assessing Officer issued notices u/s 133(6) of I.T.Act, 1961 to the creditors calling for information which is stated in para 5.3 of page no.7 of the assessment order. The creditors confirmed the transaction by replying to the questionnaire. The copy of reply submitted by the creditors is enclosed in the paper book. The Assessing Officer also issued a notice u/s 133(6) to the bank manager of Abhyudaya Co-Op. Bank Limited calling from him the bank statements from opening of the account till date. The bank manager furnished a soft copy of the statements from 1999 only and accordingly the Assessing Officer concluded that the bank account was opened from 1999 onwards. As such he has negated the claim of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery old and that same were verified by the then AOs for Assessment Year 2003-04/2004-05.In the remand report, dated 01.05.2012, AO reported that assessee had issued bearer cheques to his loan creditors and same were deposited in the accounts of two persons who were other than the loan creditors. As regards the verification of assessment records of AY 2003-04 and 2004-05 AO reported that said records were available. 3.1.After considering the submissions of the assessee and remand report he held that assessee was consistent in his argument before the AO as well as before him that the said unsecured loans were taken by him from the agriculturists about 10/12 years ago, that for making addition u/s. 68 of the Act sum in question had to be fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the AO. Nobody appeared on behalf of the assessee. 5. We have heard the rival submissions and perused the material before us. We find that nowhere AO has mentioned the fact that assessee had taken loan of Rs. 22.46 lacs during the year under consideration. We further find that FAA has given a finding of fact that the said loan amounts were taken as loan by the assessee in the earlier AYs and they were opening balances for the year under consideration. Provisions of section 68 of the Act are very clear for invoking the said section-the first and foremost condition is the credit of some amounts in the books of accounts of the assessee for a particular year. If the assessee does not offer any explanation about such credit or explanation o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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