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2016 (1) TMI 1020 - ITAT CHENNAI

2016 (1) TMI 1020 - ITAT CHENNAI - TMI - Addition u/s 68 - Held that:- Transactions were all made through account payee cheques through banking channels and creditors are identifiable and the loans were mainly obtained from them to deposit the TDS amount into government account in the course of carrying on the business. The loans were repaid through banking channels. Counsel submits that at that point of time the assessee could not produce creditors confirmations before the Assessing Officer . H .....

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to the assessee to establish the identity, credit worthiness and genuineness of the transactions. Thus, we set aside the impugned order and restore the issue back to the file of the Assessing Officer and the assessee shall prove the identity, creditworthiness and genuineness of the transactions to the satisfaction of the Assessing Officer - Decided in favour of assessee for statistical purposes. - I.T.A.No.1706/Mds/2015 - Dated:- 30-10-2015 - SHRI A.MOHAN ALANKAMONY ACCOUNTANT MEMBER AND SHRI CH .....

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s and interest paid thereon of ₹ 75,000/- under section 68 of the Act. 2. The appeal of the assessee is barred by limitation of thirty one days. The assessee filed a an affidavit explaining the reason for the delay in filing of appeal that the original appellate order of Commissioner of Income Tax (Appeals) was mixed up with other files and was irretrievably lost. It was traced only on 22.7.2015 when all cupboard were cleared and sorted out. The appeal papers was immediately prepared and f .....

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that the assessee has shown unsecured loan amount of ₹ 10,27,000/- from Mr.Akilan and ₹ 15,40,500/- from Mr. P.Sundara Paripoornam. The assessee was asked to submit break-up with details, loan taken and particulars of the creditors etc. the assessee submitted that it has borrowed loans from these two persons and returned the loan amounts with interest to them and it could not find the creditors. It was the submission of the assessee that transactions of amounts received are all made .....

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eiterates the submissions made before the lower authorities and he submits that transactions were made only through banking channels i.e. loans received through cheques and money repaid through account payee cheques and the amounts were received to make payments towards TDS to the government account. The creditors are identifiable and transactions are genuine and therefore, no addition can be made under section 68 of the Act. 5. Departmental Representative vehemently supports the orders of the l .....

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employee at P. Sundara Paripoornam office. 3. We had changed our Auditor Mr.Murugesan as we were not satisfied with his service and felt his fees were not viable for us. 4. The purpose of taking the loan on 29th September 2009 of ₹ 40,00,000/- dated 29/9/2009 via crossed cheque - Amount was used to make the TDS payment to the Government. 5. He is not an Assessee - PAN NO: ARXPM2358P 6. Address: Green Signal, No.5, Circular Road, United India Colony, Kodambakkam, Chennai - 600 024. 7.Loan .....

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and various associates of his company, which was taken on 1/10/2009. 12.Interest was calculated at 0.5 % for 6 months for the balance payable of ₹ 15 lacs which is ₹ 45,000/- 13.The balance ₹ 15 lacs was paid by M/s.Ganapathy Media Pvt Ltd., via cheque no.901261, oriental bank of commerce kilpauk branch dated 7th August 2010 and the interest of ₹ 45000 was made by way of cash. 14.The source for the payment of ₹ 15 lacs was from the sale of films which we had made to .....

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