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Pr. Commissioner of Income Tax-II. Lucknow Versus Shri Abhishek Agarwal Prop. M/s Merchant Associates

Unexplained cash credit - Held that: - On affirmation by the Tribunal, we find that the burden of proof had been clearly discharged satisfactorily relating to the capacity of the creditors. - Decided in favour of assessee. - Income Tax Appeal No. - 72 of 2016 - Dated:- 5-7-2016 - Hon'ble Amreshwar Pratap Sahi And Hon'ble Dr. Vijay Laxmi,JJ. For the Appellant : Manish Misra ORDER Heard Sri Manish Misra, learned Counsel for the appellant. The appeal questions the correctness of the order p .....

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same. The second contention is that the Commissioner of Income Tax has committed a manifest error by entertaining fresh evidence and then, proceeded to treat them as genuine without examining it independently. The third contention is that the Assessee had failed to disclose the source of the depositors or the capacity of the creditors and therefore, the transactions which were sham were clearly designed to evade tax which has not been appreciated by the authorities below. The other grounds have .....

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regard to the identity and capacity of the said persons who had advanced the loan. The Commissioner of Income Tax after having noticed all details and judgments that were cited entertained the details of deposits and the lenders and then arrived at the following findings:- "I have examined the finding given by A.O. in assessment order, written submissions filed by the appellant during appellate proceedings and papers/documents, confirmations to prove identity, credit worthiness & genuin .....

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enuineness of creditors, by furnishing the confirmations, copy of PAN, copy of ITR, copy of bank account and details of cheques received from lenders showing the details of TDS on interest payment on the loans obtained by appellant which were treated by A.O. as unexplained u/s 68 of I.T. Act, 1961. Further the appellant has also filed the copy of audit report alongwith its annexures and explained that the appellant has shown and claimed interest on these creditors in P&L account. The A.O. ha .....

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ese said creditors have duly shown the interest income and TDS in their respective ITR for the period under consideration. Looking into these facts & circumstances, papers/documents filed during appellate proceedings and written submissions of appellant, I find that the action of A.O. in treating the loan amount received from different persons which was either credited in his capital account by appellant directly or recorded in the books of accounts of appellant as creditors in their respect .....

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uring appellate proceedings alongwith written submission of appellant, have been sent to A.O. for remand report and it was the duty of A.O. to submit the comprehensive remand report within the time provided but the A.O. did not make the compliance of the letters issued by this office. As mentioned supra the appellant has filed confirmation letters and bank statement in support of his version that from where the money was received by the appellant, PAN, copy of ITR, details of interest payment al .....

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