TMI Blog2019 (4) TMI 1811X X X X Extracts X X X X X X X X Extracts X X X X ..... incriminating document was found and seized from the premises of the assessee and during the assessment proceeding, it was noticed by the A.O. that assessee has taken loan from MTPL and assessee has satisfactorily explained the reason of the said transaction genuineness and rather source of the source was also explained. - Decided against revenue - IT(SS)A. No. 24/Rjt/2017 - - - Dated:- 30-4-2019 - SHRI MAHAVIR PRASAD, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER For the Appellant : Shri Jitendra Kumar,CIT/DR For the Respondent : Shri Gaurang Sanghvi ORDER PER MAHAVIR PRASAD, JUDICIAL MEMBER 1. This appeal filed by the Revenue is directed against the order of the Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditions / disallowances were made without properly appreciating the facts and prevalent legal decisions. In the said assessment order A.O. made addition of ₹ 7,93,94,849/- on account of unexplained cash credit u/s 68. In this matter it is stated that there was loan received from M/s Manaksia Trexim Pvt. Ltd. .The loan was taken through cheque / RTGS, the same is taken through proper banking channel. It is further stated that due to financial crisis the loan could not be repaid by the appellant in that year . It is also stated that in reply of summons u/s 131 of the I.T.Act M/s Manaksia Trexim Pvt. Ltd. also confirmed that they had given loan to us and submitted all the required papers. We therefore state that the appellant had furnish ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts own group concerned and source of source was also explained. 6. In support of its contention, ld. A.R. cited a judgment of Jurisdictional High Court in the matter of Rohini Builders 256 ITR 360 wherein it is held if the assessee has given the above mentioned documents then it is the onus of the A.O. to verify the facts. As stated by the Hon'ble Supreme Court merely issuing notices to the creditors and then not pursuing the same cannot be held against the assessee. Further, as stated by the Hon'ble Gujarat High Court in the above mentioned case the assessee is not required to prove how the money was deposited in the Banks of the creditors and, therefore, it is not for the assessee to give the Bank statement but for the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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