TMI Blog2018 (12) TMI 1616X X X X Extracts X X X X X X X X Extracts X X X X ..... we are inclined to set aside the order of the CIT(A) by holding that the assessee has duly discharged the its onus by filing the necessary evidences before the authorities below and therefore addition by the AO u/s 68 of the Act is ordered to be deleted. - Decided in favour of assessee. - I.T.A. No. 6123/Mum/2017 - - - Dated:- 27-12-2018 - SH. SANDEEP GOSAIN, JM AND SH. MANOJ KUMAR AGGARWAL, AM For The Appellant : Shri Manoj Makadia, AR For The Respondent : Shri Rajeev Gubgotra, DR ORDER Per Sandeep Gosain, Judicial Member: The present Appeal filed by the assessee is against the order of Ld. CIT (Appeal) 33, Mumbai dated 12.07.17 for AY 2011-12. 2. The solitary ground raised by the assessee relates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authorities to carry out necessary investigations, which we observe that has not been done. We further find that the notices issued under Section 133(6) of the Act in order to verify the loan transactions were responded and replied by the lenders, copies of which were placed in the paper book . A perusal of the order of the CIT(A) reveals that the various reasons cited by the CIT(A) in para 20 of the appellate order were specifically rebutted by the learned A.R. which appears to be quite justifiable. Out of the total lenders 16 were from Ghatkopar but CIT(A) doubted the trasactions on this basis also. Moreover, opening of account in one bank could not be a basis for doubting the transactions. We further observe that the Revenue authorities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s from the lenders who are all income tax assessees whose PAN have been disclosed, the initial onus under Section 68 of the Act was discharged. Then it is the duty of the AO to find out whether in their respective returns they has shown existence of such amount of money and had further shown that those amount of money had been lent to the assessee. 10. Similarly in the case of Labchand Bohra (supra) the Hon'ble Rajasthan High Court has held that where the identity of the creditor have been established and they have confirmed the credits by making statements on oath and amount has been advanced by account payee cheque, the addition in respect of the entries cannot be sustained. 11. In the case of Golden Remedies P. Ltd. (supr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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