TMI Blog2017 (3) TMI 326X X X X Extracts X X X X X X X X Extracts X X X X ..... king channel and both the depositors are regularly assessed with the income tax department. Therefore, the assessee discharged the onus cast upon it for proving the identity and creditworthiness of the depositors alongwith the genuineness of the transaction. Therefore, the addition made by the AO and sustained by the ld. CIT(A) was not justified. - Decided in favour of assessee - ITA No. 2878/Del/2015 - - - Dated:- 1-2-2017 - Sh. N. K. Saini, Accountant Member For The Assessee: Dr. Rakesh Gupta and Sh. Somil Agarwal, Advs. For The Revenue: Sh. Anil Sharma, Sr. DR ORDER This is an appeal by the assessee against the order dated 19.02.2015 of ld. CIT(A), Muzaffarnagar. 2. The grievance of the assessee in this appeal r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Kanav Developers Pvt. Ltd. 15,00,000/- 8. Kavita Agarwal 12,00,000/- 9. Om Laxmi India Pvt. Ltd. 20,00,000/- 10. Pick Up Suppliers (P) Ltd. 3,75,000/- 11. Sagarmal Shimboo Nath Fin. Invest Co. (P) Ltd. 25,00,000/- 12. Satyam Traders 50,00,000/- 13. T. C. Chaudhary Bros. 3,50,000/- Total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /-) :- In this case assessee has given unsecured loans to the tune of ₹ 12,00,000/- during the year. The assessee has filed copy of a/c, copy of acknowledgement of ITR for A.Y. 2010-11 and copy of incomplete bank statement. On perusal of bank statement it is found that the most of the entry are cash deposits just prior to the amount of cheque advanced to the assessee. The assessee could not furnish any source of cash deposit of the entry in the bank a/c of the lender, moreover, assessee did not produce the lender namely Smt. Kavita Agarwal for personal examination. Thus the case is beyond the expectation of verdict of Hon ble Supreme Court given in the case of CIT Vs. Sumati Dyal. Therefore, the capacity and creditworthiness coul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n to the revenue to hold that it is the income of the assessee and no further burden lies on the revenue to show that the income is from any particular source. Reliance is placed on the decisions of Hon ble Supreme Court in the case of Roshan Di Hatti vs. CIT (SC) 107 ITR 938 and Kale Khan Mohammad Hanif vs. CIT (SC) 501TR 1. Reliance is further placed on the decisions of the Hon'ble Courts as under:- (i) Vasantibai N. Shah vs CIT (BOM) 213 ITR 805 (ii) Sreelekha Banerjee Ors. Vs. CIT (SC) 49 ITR 112 (iii) CIT Vs Korlay Trading Co. Ltd. (Cal) 232 ITR 820 Thus in the light of the above facts, it is held that the AO was justified in making addition of ₹ 27,00,000/- u/s 68 of the Act. The same is hereby ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... support of its claim relating to the genuineness of the transaction, identity and creditworthiness of the depositor furnished confirmations received from those persons (copies of which are placed at page nos. 40 and 43 of the assessee s paper book). The assessee also filed copies of the acknowledgment of income tax returns received from the said persons which are placed at page nos. 41 and 44 respectively. The assessee also filed computation of their income and copies of their bank account reflecting the entries showing the amount given to the assessee by cheque, copies of the bank accounts are placed at page nos. 48 to 51 and 52 to 59 of the assessee s paper book relevant to Smt. Kavita Agarwal and Sh. Anil Kumar Agarwal. On perusal of tho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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