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Alkaben Tejpal Patwa and Others Versus The ITO, Ward 2, Patan

2016 (5) TMI 1004 - ITAT AHMEDABAD

Unexplained cash credits u/s. 68 - Held that:- There is no dispute about the fact that the assessee’s HDFC bank account stands credited with 14 payments of ₹ 49,000/- each followed by another one involving ₹ 14,000/-. This gross figure of ₹ 7 lacs forms subject matter of section 68 addition. The assessee’s endeavour seeks to treat the same as repayment of loans/old advances. A co-ordinate bench has already directed the Assessing Officer to verify the same from the material on r .....

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servation 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 stated 15 creditors in financial year 2003-04. The Revenue’s arguments strongly supporting Assessin .....

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assessment year 2008-09 against separate orders of the CIT(A), Gandhinagar; all dated 18-08-2015 thereby upholding Assessing Officer s actions in adding identical sum of ₹ 7 lacs in all cases as unexplained cash credits u/s. 68, in proceedings under section 143(3) r.w.s. 254 of the Income Tax Act, 1961; in short the Act . 2. Both the ld. representatives state at the outset that the relevant facts and circumstances leading to the impugned additions in all cases of ₹ 7 lacs each are id .....

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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 receive .....

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evchand qua the remaining figure of ₹ 14,000/-. The Assessing Officer observed in Assessing Officer dated 28-12-2010 inter alia that all DD in question were of the same date, prepared by various persons but contained only one signature, relevant DD forms comprised of the same writing and amounts in all banks have been received in cash. He accordingly opined that all these transactions were of dubious nature since the assessee had not established identity of her creditors. This made the Ass .....

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Prima facie one of the plea of the assessee that it is not a case of fresh loan taken for the year under 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 ju .....

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ether there was return of loan in respect of impugned entries. For that purpose, the assessee is duty bound to discharge the primary onus as prescribed under law. While restoring back this issue to the stage of the assessment, we hereby specifically direct these appellants to suo motto appear before the AO within 30 days on receipt of this order of the Tribunal alongwith requisite information without waiting for any notice of hearing from the side of the Revenue department. However, the AO is at .....

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unts, balance sheet of assessment year 2004-05 and ledgers maintained in support of the repayment plea. The Assessing Officer observed in consequential order dated 30-06- 2014 that pendency of these advances could not be verified in assessment years 2006-07 and 2007-08. He thereafter came to assessee s balance sheet for assessment year 2004-05 stating asset side loans and advances totaling to ₹ 13,56,402/- in case of 18 parties including the very 15 creditors narrated hereinabove. The Asse .....

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a. He again made the impugned addition of unexplained cash credit amounting to ₹ 7 lacs. The CIT(A) upholds this addition in the lower appellate order under challenge leaving assessee aggrieved. 5. Heard both sides. Case filed perused. Relevant facts narrated in the preceding paragraphs are not repeated for the sake of brevity. This one is second round of litigation before the parties before the tribunal (supra). There is no dispute about the fact that the assessee s HDFC bank account stan .....

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