TMI Blog2015 (8) TMI 213X X X X Extracts X X X X X X X X Extracts X X X X ..... in favour of assessee. Addition regarding fresh unsecured loans - CIT(A) deleted the addition - Held that:- CIT(A) has observed that in the present case after having given the names and addresses, apart from the PAN and some cases even copies of return of income of the credits, it is held that the assessee has discharged the burden placed on him. We find that Ld. CIT(A) has rightly further observed that once the said details were available before the AO, he could have made enquiries, such as issuance of notices under section 131 or 133(6) to obtain the bank accounts of the said credits. We find that Ld. CIT(A) by following the judgment of CIT vs. Orissa Corporation (1986 (3) TMI 3 - SUPREME Court ) has held that the assesse deserves to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess of sheet metal components. Return of income was filed by the assessee on 26.10.2004 vide acknowledgement no. 2251000264. The returned income was ₹ 70,78,647/-. Notice u/s. 143(2) was issued on 26.10.2004, which eventually culminated into an order u/s. 143(3) Assessing Officer dated 29.12.2006 and made the additions. 4. Against the above order the assessee appealed before the Ld. CIT(A). Ld. CIT(A) elaborately discussed the issues in his order and accordingly, deleted the additions made by the AO by partly allowing the assessee s appeal vide order dated 15.7.2009. 5. Against the above order the Revenue is in appeal before us. 6. We have heard both the counsel and perused the records. 7. With regard to addition of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said Tech. DNA Solutions Ltd. was debited from the account on 27.12.2003. at page no. 38 is the confirmation from Gomati Capital Pvt. Ltd. from 20.12.2006 which suggests that it had sold its shares to the assessee. We find that ld. CIT(A) also observed that at page no. 40 of the paper book is the delivery instructions which clearly indicates that the Depositary was M/s Globe Capital Market Ltd. and that the sale of shares was on 27.12.2003. This had apparently also been produced before the AO during the assessment stage. Page 41 of the Paper Book (also perused by the AO) is confirmation form M/s Diwarkar Securities Ltd. We find to verify the documents, Ld. CIT(A) has made an enquiry from the AO, who in turn submitted her report. We fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition of ₹ 28,71,564/- regarding fresh unsecured loans, we find that AO has observed in his assessment order that assesee has only filed confirmation and copy of the income tax return and has not furnished their bank account in order to verify the identity of the person, capacity of such person to advance money and lastly genuineness of the transaction. We find that AO has also observed that assessee has not furnished copy of account of them in his books of accounts and also copy of account of the assessee in the books of parties from whom loans have been taken. Therefore, Assessing Officer added ₹ 28,71,564/- to the total income of the assessee u/s. 68 of the I.T. Act on account of fresh unsecured loans. We find that Ld. CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... There was no effort made to pursue the so-called alleged creditors. In those circumstances, the assessee could not do anything further. In the premises, if the Tribunal came to the conclusion that the assessee has discharged the burden that lay on Hon'ble ITAT, then it could not be said that such a conclusion was unreasonable or perverse or based on no evidence. If the conclusion is based on some evidence on which a conclusion could be arrived at, no question of law as such arises. 8.1 We find that Ld. CIT(A) has observed that in the present case also, after having given the names and addresses, apart from the PAN and some cases even copies of return of income of the credits, it is held that the assessee has discharged the burden pl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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