TMI Blog2016 (3) TMI 1245X X X X Extracts X X X X X X X X Extracts X X X X ..... alf of the creditors in the face of the fact that they had filed return declaring income of about ₹ 1 lac is concerned, the same has been disbelieved on the basis of conjectures and surmises. Because it varies from person to person to maintain the books of accounts even if, their income is meager. Merely on the basis of the fact that the income was about ₹ 1 lac the statement of books of accounts cannot be disbelieved. When all these facts are further examined in the light of the undisputed fact that all the documents to prove the genuineness and creditworthiness of S/Sh. Netram Goel, Anil Kumar Bansal, Mahender Pratap Singh, Ajay Kumar Jain, Virender Kumar, Vikas Kumar & Ms. Manju Rani lying at pages 92 to 160A of the Paper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Ajay Kumar Jain e) Smt. Manju Rani f) Sh. Virender Kumar g) Sh. Vikas Kumar Jain ii. Confirming the additions of ₹ 3721/- on account of interest paid to the above referred persons. 3. that on the facts and in the circumstances of the case, the ld. CIT(Appeals) erred in holding: a) That the maintenance of books of accounts by persons filing income tax returns with income of about ₹ 1 lac is improbable and against the normal human probability. b) That the statement of affairs and cash flow statements of the persons referred to in (a) above, cannot be believed without brining contrary evidence on record. 4. the appellant craves leave to add, amend, alter vary and/or withdraw any or all the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ggrieved, the assessee has come up before the Tribunal by way of filing the present appeal. 2.2 The ld. AR for the assessee challenging the impugned order contended, inter-alia, that the CIT(A) has erred in confirming the addition of ₹ 8 lacs on account of loans from different creditors u/s 68 of the Act; that CIT(A) further erred in confirming the addition of ₹ 3721/- on account of interest paid to the above referred persons; that the assessee has already returned the entire loans to his creditors by way of cheques. 2.3 However, on the other hand, the ld. DR relied upon the order passed by the ld. CIT(A). 3. Undisputedly, during the appellate proceedings the ld. CIT(A) by allowing the admission of additional evidence c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs of the assessee which he has apparently not exercised rather again shifted the burden on the assessee without disputing the genuineness of the documents. 5. No doubt it is duty of the assessee to prove the genuineness and creditworthiness of his creditors, but when all the transactions in this case have been routed through banks and the complete particulars have been furnished by the assessee, which have not been disputed by the Assessing Officer, the Assessing Officer was required to ensure the presence of creditors by using coercive method and not to proceed summarily. 6. As far as the question of disbelieving the statement of affairs and cash flow statement filed by on or behalf of the creditors in the face of the fact that they ..... X X X X Extracts X X X X X X X X Extracts X X X X
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