TMI Blog2015 (6) TMI 703X X X X Extracts X X X X X X X X Extracts X X X X ..... both the Appeals. - Decided in favour of assessee. - ITA No.2190/Ahd/2012, ITA No.490/Ahd/2013 - - - Dated:- 28-8-2014 - SHRI MUKUL Kr. SHRAWAT AND SHRI N.S. SAINI, JJ. For the Appellant : Shri Roopchand, Sr.D.R., For the Respondent : Shri Manish Kaji, AR ORDER PER SHRI MUKUL KUMAR SHRAWAT, JUDICIAL MEMBER These two Appeals of the Revenue of two different Assessees have arisen from the orders of learned CIT(A)-XVI, Ahmedabad, vide two separate orders, respectively, dated 16th July, 2012 and 3rd December, 2012. The basic facts of these two Appeals are identical, hence hereby consolidated and decided by this common order. 2. In both these cases, Revenue has challenged the deletion of unexplained cash credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn of income was filed on 01-09-2009 declaring total taxable income of R 6,38,330/-. The assessment has been completed on 15-12-2011 on total income of ₹ 23,02,050/- after making following additions which are disputed in this appeal. i) Addition of Unsecured loans u/s 68 of the Act ₹ 15,00,000 ii) Disallowance of Interest paid to various depositors ₹ 1,63,724 3. The above additions made by the learned Assessing officer are arbitrary and unwarranted because the learned Assessing officer has not appreciated the facts and evidence produced during the course of the assessment proceedings in proper perspective. 4. Submission in support of the grounds of appeal are given below: (i) Addition of unsecured loans u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nuineness of said loans in as much as it had filed confirmation letters, PAN details etc. Placing reliance in the case of Pragati Co. Op. Bank 278 ITR 170 , Dahod Sahkari Mandali, 282 ITR 321 and Rony Builders 256 ITR (Guj), the appellant pleads that it is settled legal position that source of source cannot be questioned. The appellant argued that AO has relied upon material available with the Department but unless said material was made available to the appellant and cross examination afforded, it cannot be used. The appellant submits that impugned loan amounts has been received through banking channels interest paid at market rates and wherever necessary TDS has been deducted. lt was submitted that on identical facts, additions were delet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of Hon ble ITAT B Bench, Ahmedabad pronounced in the case of M/s. Mukesh Kumar and Co. (ITA No.3270/Ahd/2011) A.Y.2008-09, order dated 24.08.2012 wherein the Revenue s Appeal was dismissed and the order of learned CIT(A) was confirmed. Therefore, the argument of learned AR is that in a situation when an order on which the learned CIT(A) has relied upon now stood confirmed by the Respected ITAT, therefore, a consistent view is expected to be taken in these two Appeals as well. He has also placed reliance on Dimco Silk Mills, 107 Taxmann Magazine 41. 5. On the other hand, learned Sr.D.R., Mr. Roopchand has placed reliance on the order of the AO. He has argued that even after providing enough opportunities the assessee had not plac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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