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Shri M. Ramanathan Versus The Assistant Commissioner of Income Tax, Central Circle II, Tiruchirapalli.

Unaccounted loan - Assessing Officer found that the gift portion of ₹ 5 lakhs is a separate one and it cannot be linked to the loan portion of ₹ 7 lakhs which was said to be given during the assessment year 2007-08 - Held that:- The fact remains that the total sum of money given by the assessee to his son is only ₹ 12 lakhs. ₹ 5 lakhs was given in the assessment year 2006-07 and another sum of ₹ 7 lakhs was given in assessment year 2007-08. The Assessing Officer app .....

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ibunal is of the considered opinion that the transaction of ₹ 5 lakhs is only one transaction. Therefore, the Assessing Officer may not be justified in treating the transaction between the assessee and his son in the assessment year 2006-07 as two transactions and making an addition of ₹ 5 lakhs. Since the transaction is only one transaction, this Tribunal is of the considered opinion that the addition made by the Assessing Officer to the extent of ₹ 5 lakhs is not justified. A .....

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r the assessee nor the assessee’s son claimed before him that the same was repaid. This Tribunal is of the considered opinion that when the loan transaction was confirmed and they claimed that it is not reflected in the statement because the transaction was settled during the same financial year, the presumption of the Assessing Officer was that the loan transaction was not settled during the year under consideration. Therefore, the presumption of the Assessing Officer that there was no claim ei .....

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RI N.R.S. GANESAN, JUDICIAL MEMBER For The Appellant : Shri S. Sridhar, Advocate For The Respondent : Shri A.V. Sreekanth, JCIT ORDER Both the appeals of the assessee are directed against the common order passed by the Commissioner of Income Tax (Appeals), Tiruchirapalli, dated 21.08.2014 and pertain to assessment years 2006-07 and 2007-08. Therefore, I heard both the appeals together and disposing of the same by this common order. 2. Shri S. Sridhar, the Ld.counsel for the assessee, submitted t .....

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e same was not reflected in the respective statement. According to the Ld. counsel, initially a sum of ₹ 5 lakhs was given as loan. Subsequently, it was converted into gift. When the assessee explained before the Assessing Officer that the entire sum of ₹ 12 lakhs was given as loan, the Assessing Officer disbelieved the claim of the assessee on the ground that gift theory was afterthought to cover the excess cash during the course of search operation. Accordingly, the Assessing Offic .....

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lakhs was given during the assessment year 2007-08. While considering this, the Assessing Officer found that the assessee never stated that he received back the sum of ₹ 7 lakhs in the same year. Similarly, the Assessing Officer also found that the assessee s son admitted the fact of receipt of loan. However, he found that the assessee s son has not stated that he has returned back the loan taken from his father. Therefore, the Assessing Officer found that the explanation of the assessee .....

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n either from the assessee or from the assessee s son, according to the Ld. counsel, the Assessing Officer cannot presume that the assessee s son has not returned the money. In the absence of any further material, other than the presumption, according to the Ld. counsel, the addition made by the Assessing Officer cannot be sustained. 3. On the contrary, Shri A.V. Sreekanth, the Ld. Departmental Representative, submitted that during the course of examination, the assessee explained, more particul .....

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nterest income. The assessee claimed that in the middle of the year, a sum of ₹ 6 lakhs was withdrawn from partnership firm, M/s Rabbit Builders. However, the Assessing Officer found that the assessee has not filed cash flow statement to support his argument. In the absence of sufficient document, according to the Ld. D.R., the Assessing Officer disallowed the claim of the assessee. Referring to the loan of ₹ 7 lakhs for the assessment year 2007-08, the Assessing Officer came to a co .....

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y made the addition of ₹ 5 lakhs for the assessment year 2006-07 and ₹ 7 lakhs for the assessment year 2007-08. 4. I have considered the rival submissions on either side and perused the relevant material on record. In the assessment year 2006-07, the assessee, during the examination, explained before the Assessing Officer that he gave a loan of ₹ 5 lakhs to his son. The Assessing Officer found that the assessee s representative in his letter dated 30.09.2008 clarified that a su .....

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nd loan of ₹ 5 lakhs given during the assessment year 2006-07 is separate. Therefore, he made an addition of ₹ 5 lakhs for the assessment year 2006-07. The fact remains that the total sum of money given by the assessee to his son is only ₹ 12 lakhs. ₹ 5 lakhs was given in the assessment year 2006-07 and another sum of ₹ 7 lakhs was given in assessment year 2007-08. The Assessing Officer appears to have accepted the gift of ₹ 5 lakhs. However, he confuses himse .....

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