9911796707
TMI Blog2018 (11) TMI 1776X X X X Extracts X X X X X X X X Extracts X X X X ..... ), Surat(in short "the AO") dated 30.03.2015 under section 143(3) of Income Tax Act,1961 (in short 'the Act'). 2. Ground No.1 and 2 relates to confirming the addition of Rs. 3,50,000/- with interest Rs. 6,214/- on account of unexplained cash credit u/s.68 of the Act. 3. Brief facts of the case are that the assessee has raised unsecured loan amount of Rs. 15,10,000/- from various persons which was subsequently re-paid during the year. The assessee was asked to explain the loan creditors of five persons which was explained by the assessee by filing a letter. However, the AO was of the view that all the loans have been provided immediately after receiving equal amount of funds through clearing/NEFT etc., all the documents submitted are found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Being aggrieved the assessee has filed this appeal before us. The ld.Counsel submitted that in compliance to summons issued u/s.131 of the Act Shri Chhaganbhai M Thakore has furnished the Return of Income for A.YL. 2012-13 and 2013-14 along with the computation of income, copy of bank statement with Canara Bank and copy of ledger account appearing in his books of accounts for A.Y. 2012-13. It was mentioned in the letter dated 08.08.2016 submitted to the AO (PB, Page 4) that he was living in Disa in North Gujarat and due to heavy rain he was unable to comedown to Surat to attend the summon proceedings. Therefore, he has submitted an affidavit sworn in before the notary at Disa stating therein the details of transactions entered into by him ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee to prove genuineness of the transaction without first verifying such fact from Income Tax Returns of the lenders as held by the Hon'ble Gujarat High Court in the case of CIT vs Ranchodbhai J.Nakhwa [2012] 21 taxmann.com 159 (Guj). 6. Per contra, the ld.Senior Departmental Representative supported the orders of the Lower Authorities. 7. We have considered the rival submissions and perused the material on record. We find that the CIT(A) has confirmed the addition of Rs. 3,50,000/- received from Shri Chhaganbhai M Thakore only on the account of that he has denied to have given any such to the assessee in his statement recorded on oath u/s.131 of the Act. However, subsequently Shri Chhaganbhai M Thakore has filed an affidavit r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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