GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (12) TMI 631 - HIGH COURT OF MADHYA PRADESH

2015 (12) TMI 631 - HIGH COURT OF MADHYA PRADESH - TMI - Addition u/s 68 - ITAT deleted the addition - Held that:- As based on the documents and the records of the revenue and other bank statements and financial transaction available, the finding of fact has been recorded by the Tribunal to say, that identity and creditworthiness of the lender and the transactions have been established. For the reasons as indicated hereinabove, and also lender Shri Juned Qazi to be an NRI, who has submitted his .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

venue 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 certain business activities in the name and style of M/s Lilasons Infrastructure Pvt. Ltd., Bhopal. In .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Finding the aforesaid amount to be unexplained by the assessee, it was added to his income with the finding, that the assessee failed to establish the identity and creditworthiness of the lender. 4. It is the case of the appellant that on an appeal being filed before the Commissioner Income Tax (Appeals) this amount was enhanced to ₹ 2,30,15,000/-. However, on a further appeal having been preferred before the Income Tax Appellate Tribunal the amount in question, has not been been deleted a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

indings 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 th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

supported by relevant documents, decided the appeal in paragraph 15 and proceeded to analyse the creditworthiness and genuineness of the loan said to have been paid by the lender Shri Juned Qazi, based on the material available, as under: 15. We have carefully considered the rival submissions along with the order of the tax authorities below. We noted that in this case the assessee has received unsecured loans of ₹ 2,30,15,000/- during the impugned year from Shri Juned Qazi in the followi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r. No. Cheque Date Cheque Bank Name Amount 1 16/3/11 904641 20,00,000 2 16/9/11 904657 3,00,000 3 17/3/12 940754 15,00.000 4 19/3/12 940755 10,00,000 5 03/04/12 940756 29,00,000 6 12/04/12 940758 10,00,000 7 17/4/12 9098923 16,50,000 8 18/4/12 909824 5,00,000 9 25/4/12 940760 5,00,000 10 19/9/12 909831 10,00,000 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 cou .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

source of income in India. Hence, he is not liable to submit the return of income in India (PB page No.140). Copy of Bank statement of Shri Juned Quazi in ICICI Bank A/c No.005501075973) for the period 02 August 2008 to 21 September 2009 and No.005501075779 for the period 02/04/2008 to 04/11/2011 (PB page No.141-146) 15. The assessee before the CIT(A) submitted that following additional evidence: a) Copy of confirmation from Shri Juned Quazi dated 15-10- 2013 duly notarized, confirming the advan .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

secured loan received by him. The confirmation as well as copy of bank account of Shri Juned Qazi has duly been filed. All the loan has been received through banking channel Shri Juned Qazi is having 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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version