TMI Blog2015 (12) TMI 631X X X X Extracts X X X X X X X X Extracts X X X X ..... mber and an Accountant Member, based on due consideration of materials available. Decided in favour of assessee. - I.T.A. No.50/2015 - - - Dated:- 3-12-2015 - Shri Rajendra Menon Shri K.K. Trivedi, JJ. For the Petitioner : Shri Sanjay Lal, Advocate ORDER PER : RAJENDRA MENON, J. : This appeal preferred by the revenue under Section 260-A of the Income Tax Act, 1961 [hereinafter referred to as `the Act'], calls in question the legality of an order dated 24-11-2014 passed by the Income Tax Appellate Tribunal, Indore (for brevity `the Tribunal') in IT(SS)A No.236/IND/2014. 2. A search and seizure operation was conducted in the residential and business premises of one Arun Lila, who was carrying out certai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count of loan taken from Juned Quazi. 5. Shri Sanjay Lal, learned counsel for the appellant took us to the findings recorded by the Commissioner (Appeal) and the Assessing Officer and tried to indicate the shifting burden of proof and total disregard of requirement of Section 68 of the Act is unsustainable. The learned counsel for the Revenue further argued that the assessee has not produced any cogent material in order to prove creditworthiness and identity of the lender and to establish the transaction, as envisaged under the Act. Therefore, interference should be made in the findings recorded by the Tribunal, as the same are perverse. 6. We have considered the contentions raised. We have gone through all the three orders impugne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 828992 ICICI Bank 16,50,000 5 29/9/2008 828991 ICICI Bank 11,00,000 6 04/11/08 829000 ICICI Bank 11,00,000 7 04/22/08 828998 ICICI Bank 30,15,000 8 22/11/2008 828999 ICICI Bank 2,30,15,000 TOTAL 2,30,15,000 W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11 09/10/12 909838 10,00,000 12 22/10/12 909839 10,00,000 TOTAL 1,43,50,000 These facts have not been denied by the ld. A.R. The assessee has submitted following documents during the course of assessment proceedings: i) Copy of PAN Card and passport of the lender Shri Juned Qazi. ii) Copy of letter of loan agreement between Shri Juned Qazi and Dr. Subodh Varshney. iii)Copy of agreement dated 4-3-2011 between Shri Juned Qazi and Dr. Subodh V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pan card, therefore, identity cannot be doubted. The transaction is through the banking channel genuinity of the of the transaction is also stands proved until and unless some contrary evidence are brought on record by the revenue. In the confirmation dated 15-10-2013 the copy of which is available to page 147 to 148 and 149 and 149 to 154 it is apparently clear that the assessee has explained the source of the loan advanced by Shri Juned Qazi. Even though in our opinion the assessee is not required to prove the source of sources the explanation advanced by the assessee is a plausible one and prove that the assessee has discharged his onus which is envisaged on him. We have also gone through the case laws. All these case laws realtes to th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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