TMI Blog2012 (9) TMI 1189X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of unsecured loans from five parties totaling ₹ 6,02,714/- to the appellant s total income. 2) For that under the facts and circumstances of the case the learned CIT(Appeals) erred and acted unjudiciously in also confirming addition of ₹ 2,714/- paid as interest to the said five parties. 3. The brief facts of the above case are that while doing the scrutiny assessment the AO has added an amount of ₹ 65,96,859/- under the head unexplained loan creditors and ₹ 2,44,256/- under the head interest paid on the above loan creditors by observing as under :- It is seen from the records that the assessee showed ₹ 65,96,859/- as unsecured loans ₹ 65,96,859/- and Interest paid thereon of ₹ 24 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to the A.O despite the issue of notice u/s. 133(6) by him and despite efforts by the appellant these creditors have not sent their confirmations independently to the A.O for his verification. Considering all these facts the genuineness of the loan from these five parties is not established. The appellant has been unable to discharge the onus of establishing the genuineness of these unsecured loans, The details of these unsecured loans are as under 1. Jagadish Prasad M. Devmura 1,00,699/- 2. Ghisaram M. Nirban 1,00,699/- 3. Rajesh Kailashchand Vyas 1,00,411/- 4.Sushilkumar Hanumandas Sarda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... placed at pages 4 5 and 6 8 dated 12th December, 2011 and 7th December, 2011 respectively as additional documents. When the Bench proposed to set aside the issue to the file of AO since both AO as well as ld. CIT(A) has contended that the assessee has not filed any confirmations and not discussed regarding the bank statements and other documents which are filed before them. Both the parties have fairly conceded that the matter may be set aside to the file of AO for further verification. Therefore, in the interest of justice, we consider it fit to set aside the issue to the file of AO to give one more opportunity of being heard to the assessee to substantiate its claim. 5. In the result the appeal of assessee is allowed for statistical pu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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