TMI Blog2005 (12) TMI 579X X X X Extracts X X X X X X X X Extracts X X X X ..... eness of both the loan transactions had not been established by the assessee. The Assessing Officer was of the view that the amounts allegedly borrowed by way of loans were actually assessee s own money which was pumped into his business in the garb of loans. The said amounts were, therefore, added back to the taxable income of the assessee in terms of section 68 of the Income-tax Act, 1961. Aggrieved by the said order the appellant-assessee appealed to the Commissioner of Income-tax who affirmed the view taken by the Assessing Officer and held that the genuineness of the two loan transactions had indeed not been proved satisfactorily. In a further appeal filed by the assessee before the Tribunal, the said view has been affirmed. The Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on had also not been established and that the assessee s undisclosed money had in fact got routed through the bank account of M/s. SSPL. The Tribunal in the regard observed : We have heard both the sides and considered the materials on the file. We are of the view that on the facts and in the circumstances of the case and for the reasons given in the impugned appellate order the Ld. CIT(A) was justified in confirming the aforesaid addition. The transactions were not genuine and were managed through colourable device. The sources of the deposits in the aforesaid bank account of M/s. SSPL were not satisfactorily explained and proved. Therefore, the amount shown as credit in the books of the assessee from M/s. SSPL through cheques issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e genuineness of the loan transactions can be described as perverse. It is also not possible in the light of the said evidence to hold that the finding regarding the non-genuineness of the transactions was so irrational that no reasonable or prudent person could have arrived at the same. 4. In the totality of these circumstances, therefore, and in view of the clear findings of fact recorded by the authorities that the alleged loan transactions had not been proved by the assessee and the burden that lay upon the assessee was not discharged in terms of section 68 of the Act, we see no reason to interfere especially when no substantial question of law arises for our consideration. The appeal, accordingly fails and is hereby dismissed. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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