TMI Blog2009 (11) TMI 971X X X X Extracts X X X X X X X X Extracts X X X X ..... it cannot be questioned because it is a public limited Company and is regularly assessed to income tax having PAN. Therefore, in our considered view, onus is discharged by the assessee by producing necessary evidence. The source of source cannot be examined in view of law laid down in the case of Commissioner of Income Tax (Central), Calcutta Vs. Daulat Ram Rawatmull,[ 1972 (9) TMI 9 - SUPREME COURT] . No merit in the grounds raised by the revenue in regard to addition. Unsecured loan from Ms. Pallavi Agarwal during the financial year - Matter was remanded to the Additional Commissioner of Income Tax with a copy to the AO. In her bank account, all credit and debit entries were explained with supporting evidence. Confirmation from her, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur from where the money had been credited to the account of the assessee. Besides the aforesaid documents, the assessee had also produced the photocopy of his own bank account in which cheques received from the lending Company were deposited. The Assessing Officer did not accept the same and for coming to the aforesaid conclusion, referred to the factum of heavy cash having been deposited in the account of lending Company before issuance of cheques to the assessee. The other factor, which weighed the Assessing Officer was that the loan given by the lending Company was interest free and was returned to it during the same financial year. In the opinion of the Assessing Officer, it was tailor made entires in the books as well as bank accounts. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO with a copy to the Addl. CIT). Unfortunately the report is silent on the crucial issues raised and despite the AO being accorded another opportunity to examine the party directly no effort is made to issue summons nor to examine the other case laws relied on by the AR. The appellant has filed the confirmation of the party, the PAN, the bank details of the appellant of the loanee, the details of repayment. Merely basing the disallowance on basis of enquiry made by the Addl. Director of Income Tax in another case cannot be sound nor prudent nor legally tenable addition. The addition made is thus deleted. The revenue - appellant (hereinafter referred to as the 'revenue') carried the matter in appeal before the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Central), Calcutta Vs. Daulat Ram Rawatmull, 87 ITR 349 (SC). Hence, we find no merit in the grounds raised by the revenue in regard to addition of ₹ 25,05,000/-. Regarding addition of ₹ 10,15,000/- pertaining to Ms. Pallavi Agarwal, it appears that the matter was remanded to the Additional Commissioner of Income Tax with a copy to the Assessing Officer. In her bank account, all credit and debit entries were explained with supporting evidence. Confirmation from her, her account details, return of income details, details of loan returned were also furnished. When it is so, then no interference is required in the impugned order of the Tribunal. No substantial question of law is emerging for our consideration. The appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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