TMI Blog2017 (11) TMI 1500X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee has filed the copy of the agreement to sell and purchase dated 06.5.2009; acknowledgement receipt issued by the assessee to Kripa Ram; Ration card of Kripa Ram; DL of Kripa Ram; Copy of relevant OBC Bank statement of assessee showing cash deposit of ₹ 10 lacs on 8.5.2009; copy of relevant OBC bank statement of assessee showing return of ₹ 10 lacs clearing cheque on 13.3.2013; copy of relevant SBI Bank statement of Kripa Ram showing credit of ₹ 10 lacs on 13.3.201 and copy of confirmation dated 12.3.2013 from Kripa Ram furnished to AO. AS we further note that Sh. Kripa Ram did not comply with the summon issued to him u/s. 131 of the Act by the AO and assessee did not have any control on Sh. Kripa Ram. In vie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly allowed the appeal the appeal of the assessee. 3. Aggrieved with the impugned order of the Ld. CIT(A), the Assessee is in appeal before the Tribunal. 4. Ld. A.R. of the assessee stated that assessee has received ₹ 10 lacs as advance against sale of property, which was later returned back. He further stated that to prove the genuineness of the transaction he filed the copy of the agreement to sell and purchase dated 06.5.2009; acknowledgement receipt issued by the assessee to Kripa Ram; Ration card of Kripa Ram; DL of Kripa Ram; Copy of relevant OBC Bank statement of assessee showing cash deposit of ₹ 10 lacs on 8.5.2009; copy of relevant OBC bank statement of assessee showing return of ₹ 10 lacs clearing cheque on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition due to the reasons that assessee has not filed any evidence regarding ownership of the aforesaid property; genuineness of the transaction not proved and Sh. Kripa Ram not appeared in response to summons u/s. 131 of the Act. I find that the aforesaid property is inherited by the assessee from his father, who was died on 10.8.2008 and after his death, assessee becomes the owner of this property. The house tax receipt attached at page 23 24 shows that the property belongs to the father of assessee (Sh. Deep Chand). I further note that to prove the genuineness of the transaction the assessee has filed the copy of the agreement to sell and purchase dated 06.5.2009; acknowledgement receipt issued by the assessee to Kripa Ram; Ration car ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t only into source(s) of creditors, but also of his (creditor s) subcreditors and prove as a result of such inquiry, that money received by assessee, in form of loan from creditor, though routed through sub creditors, actually belongs to, or was of, assessee himself Held yes. - ACIT vs. Prem Anand (ITA No. 3514/Del/2014), ITAT, Delhi order dated 13.4.2017. 7.1 With regard to ground no. 2 relating to deletion of addition of ₹ 38,50,000/- is concerned, we find that the AO has admitted the identity of the three persons from whom the assessee has taken loan. She has doubted the credit worthiness of these persons and consequentially genuineness of transactions. Definitely; only submission of the ITR and balance sheet wil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rable to explain source of source of the fund. In light of the fact that there is no cash deposit in the bank accounts of the three persons for advancing loan and their categorical admission confirming loan during the remand proceedings, we are of the considered view that the loans aggregating to ₹ 38,50,000/- cannot be charged to tax in the Assessee s hands u/s 68 particularly in absence of any contrary evidence brought on the record by the AO. Hence, we find that Ld. CIT(A) has rightly observed that the assessee is not required to explain source of source of the fund gets buttressed by the amendment made in section 68 with effect from 01.04.2013, which empowers the AO to examine source of source in case of share application money fr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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