TMI Blog2014 (5) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... nt material on record for not accepting such cash credit as shown by the assessee - the AO has made a subjective remark about the creditworthiness of the creditors but no positive material has been brought on record by him for not accepting the cash credit shown by the assessee - the assessee has shown source of cash creditors and the creditors came forward to the desk of the Assessing Officer to support the version of the assessee by way of giving statement of oath and also submitted the affidavits and other relevant documents, explaining the circumstances and source of amount given to the assessee as loan – revenue has not brought any relevant or cogent material to establish any doubt about the truthfulness of the creditors - the addition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rabhu Dayal. 3. When the case was called for hearing, the assessee Shri Vinod Kumar Kaushik himself appeared and submitted a paper book spread over 59 pages and copy of decision of ITAT Delhi SMC Bench dated 19.1.2007 in ITA No.2711/Del/2006 for AY 2001-02 in the case of Shri Prem Chand C/o Bhagwati Roadlines vs ITO Ward-1, Narnaul. The assessee submitted that he is suffering from blood cancer and he has no means to engage a counsel for this case, therefore, the appeal may kindly be decided on the basis of paper book filed by him today and on the basis of decision of Shri Prem Chand (supra) who was his partner in the same enterprise i.e. M/s Bhagwati Roadlines. We also heard ld. DR and proceeded to decide the appeal on merits on the bas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... supported with the latest judgment of Hon ble Delhi High Court in the case of Commissioner of Income Tax vs Shri Pradeep Kumar Gupta (supra), the initial burden was upon the ld. Assessing Officer who has failed to discharge. On merits also he has stated that ld. DR has not been able to meet out any contention of the ld. Assessing Officer that in the statements recorded by various persons factum of advancing the loans were proved along with various other details which establishes the creditworthiness of these creditors. He has further argued that ld. DR has not been able to find any gap or inconsistency in the statements recorded by the Assessing Officer. He further argued that, in any case, in view of the judgment of MP High Court in Metac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ged by him and the onus was shifted on the Revenue to bring cogent material on record for not accepting such cash credit. I find that apart from a subjective remark about the creditworthiness of the creditors no positive material has been brought on record by the Revenue for not accepting the cash credit in question. In the circumstances, in my opinion the addition so made cannot be sustained. Hence, I delete the addition of Rs.1.77 lakhs made on account of unexplained cash credit from 11 creditors. Accordingly, the grounds of appeal of the assessee are allowed. 5. From the Paper Book filed by the assessee, we observe that the creditors Jagan Singh, Parshotam Dass, Magni Ram, Ajay Kumar, Banarasi Lal, Phool Chand, Ram Kkishan, Desh Raj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so similar in the present appeal. In these circumstances, in our considered opinion, the primary onus on the assessee to prove the nature and source of cash credits was discharged by the assessee and further onus was shifted on the revenue to bring out relevant and cogent material on record for not accepting such cash credit as shown by the assessee. We also find that the Assessing Officer has made a subjective remark about the creditworthiness of the creditors but no positive material has been brought on record by him for not accepting the cash credit shown by the assessee. Accordingly, in our considered opinion, the assessee has shown source of cash creditors and the creditors came forward to the desk of the Assessing Officer to support t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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