TMI Blog2016 (5) TMI 1004X X X X Extracts X X X X X X X X Extracts X X X X ..... ing outstanding closing balances of ₹ 49,000/- and ₹ 14,000/-. This is not the Revenue’s case that these accounts are not genuine or improper maintained. There is hardly any dispute that the same stands accepted as correct in the relevant intervening assessment year. Ld. DR fails to rebut this factual position. We do not find any observation in Assessing Officer’s consequential order alleging that he ever summoned these creditors for the purpose of conducting verification and they did not turn up to confirm assessee’s stand. We take into account totality of all these facts and circumstances to hold that the assessee has successfully proved her case of having received repayment of earlier loans and advances given to the above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m assessee s HDFC bank account that the same involved 15 credit entries. Fourteen had credit in instant cases of ₹ 49,000/- each. One such entry comprised of a sum of ₹ 14,000//-. The same totaled to ₹ 7 lacs. All these deposit entries were of 06- 09-2007. The assessee recovered these credit instances as loans and advances (relatives) . The Assessing Officer sought for details of parties accounts, addresses etc. He quoted assessee s failure in ensuring compliance thereof. This made him to ask for copies of the relevant application forms filled up for preparation of demand drafts in question. The same stood received from M/s. Unava Nagrik Sahkari Bank Ltd and M/s. Sardar Vallabhbhai Sahkari Bank Ltd. Names of demand draft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r consideration, but it was simply a return of old advances, which had not been verified by the AO. Now, the assessee is placing reliance on certain computer generated accounts, but the apparent factual position is that no investigation was carried out by the AO to verify the correctness, as also the truthfulness of these accounts. For this purpose and verification of these accounts, natural justice demands to restore this issue back to the stage of the AO so that the veracity can be proved. Although the learned DR has pleaded that even the opening balance can be added in the hands of the assessee by placing reliance on the decision of Manjit Singh Kalra Vs. ITO, ITA No.3553/Del/2011 dated 26.10.2012, and a decision of Hon'ble Madras Hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stating asset side loans and advances totaling to ₹ 13,56,402/- in case of 18 parties including the very 15 creditors narrated hereinabove. The Assessing Officer again sought for details of advances. The assessee at this stage filed her Visanagar Nagrik Sakari Bank account statement for financial year 2003-04 demonstrating cheques transfer in all 15 cases in question. This made the Assessing Officer to observe that she had not explained cash deposit in her bank account before the above stated cheque transfer. He reiterated earlier chronology of events thereby expressing doubts over assessee s explanation formed on the basis of repayment plea. He again made the impugned addition of unexplained cash credit amounting to ₹ 7 lacs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of all these facts and circumstances to hold that the assessee has successfully proved her case of having received repayment of earlier loans and advances given to the above stated 15 creditors in financial year 2003-04. The Revenue s arguments strongly supporting Assessing Officer s action making the impugned addition stand rejected. We accordingly delete the impugned section 68 addition of ₹ 7 lacs in question. ITA 3486/Ahd/2015 succeeds. 6. We come to the remaining five appeals now. Both the parties indicate very fairly that all these appeals involve identical section 68 addition of ₹ 7 lacs each and the relevant factual backdrop raising repayment of loans plea is identical as taken in case of Smt. Alkaben T. Patwa adjudi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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