TMI Blog2018 (11) TMI 593X X X X Extracts X X X X X X X X Extracts X X X X ..... garwal And Salman Balbale, AR s For The Respondent : SK Bepari, DR ORDER PER MAHAVIR SINGH, JM: This appeal by the assessee is arising out of the order of Commissioner of Income Tax (Appeals)-47, Mumbai [in short CIT(A)], in appeal No. CIT(A)-47/AP.11/15-16 vide dated 28.02.2017. The Assessment was framed by the Dy. Commissioner of Income Tax, CC-1(3), Mumbai (in short DCIT/ AO ) for the A.Y. 2012-13 vide dated 31.03.2015 under section 143(3) read with section 147 of the Income Tax Act, 1961 (hereinafter the Act ). 2. The only issue in this appeal of assessee is against the order of CIT(A) upholding the addition made by AO on unsecured loan received during the year by assessee from four parties in totaling ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e onus casted on him under section 68 of the Act as failed to prove creditworthiness of the said four parties and the genuineness of the transaction. The CIT(A) after discussing and analyze the facts finally held in Para 4.3.4 as under: - 4.3.4 In view of the above discussion, it is held that the AO was justified in treating the aforesaid loans aggregating to ₹ 15,00,000/- as unexplained as the appellant failed to discharge the onus u/s 68 of the Act of proving the creditworthiness of the said four parties and the genuineness of the transactions. Therefore, I do not find any error or infirmity in the action of the AO in making the said addition of ₹ 15,00,000/- which is accordingly upheld. Grounds bearing Nos.1 and 2 taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d., at Dombivli (East) Branch, account No. 58/4664, wherein he has received a sum of ₹ 50,000/- on 09.11.2011 by way of bank transfer and a further sum of ₹ 3 lacs on 10.12.2011 by bank transfer and cheque No. is given. This amount was advanced to assessee by Shri Virendra Manilal Gandhi amounting to ₹ 3.50 lacs on 10.12.2011. 8. In regard to third loan received by assessee from Haresh Deva Ravariya, the assessee has enclosed copies of loan confirmation, copy of return of income, copy of PAN Card and Bank statement of Shri Haresh Deva Ravariya on pages 27-32. The learned Counsel for the assessee explained from bank statement i.e. bank account maintained with Dena bank, Kharghar Branch Savings Bank Account No. 1204100263 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulated under the law, the assessee first of all has given the copy of confirmation/ letters from the lenders; PAN card; return of income along with the Balance sheet for the relevant AY 2010-11; bank statements of the lenders as well as bank statements of two proprietorships showing receipts as well as repayment entries. The summary of the documents/evidences furnished with regard to each and every persons/entities has been already incorporated above in the foregoing paragraphs. At the face of the law, initial burden casts upon the assessee to prove the source of the loan has been stated to be discharged. The revenue s case has been that, the capacity of the lenders has not been proved because these lenders were men of little means or no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mily members/concerns were assessed in his range only. For the other persons also specific details in this regard were furnished. The Ld. CIT(A) has categorically brought on record that, most of the amount has come from the family members/group entities, which are regularly assessed to tax with the same AO and these matters could have been examined and the other allegations of the AO has also been turned down by the ld. CIT(A) on cogent reasons as discussed above. Once that is so, then there is no need for making such a wild allegation that the capacity of the lenders has not been proved. Other important fact emerging from records as noted by the ld. CIT(A) that the amount of ₹ 79,90,000/- received from the 12 parties consisting of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised by the revenue is dismissed. 10. The learned Counsel for the assessee stated that the facts are exactly identical and in this year also, the assessee has provided the source of immediate credit by entering into the bank accounts of the loan credits. On the other hand, the learned Sr. DR relied on the assessment order and the order of CIT(A). 11. I have gone through the facts in entirety that these loan credits have advanced the money after taking loan or whatever receipts from other parties by account payee cheque. In my view the assessee has explained the immediate source of the entry and source of source cannot be asked for. Hence, I delete the addition of unsecured loans and allow the appeal of the assessee. 12. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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