9911796707
TMI Blog2021 (1) TMI 1003X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee from M/s. Annapurneshwari Rice Industries as unexplained cash credit under section 68 of the Income Tax Act, 1961 (hereinafter called 'the Act'). 3. The assessee is an individual. He carries on the business of manufacturing and trading under the name and style M/s. Bhavani Rice Industries. In the course of assessment proceedings under section 143(3) of the Act, the AO noticed that the assessee has shown in his books of accounts a sum of Rs. 20 lakhs as an unsecured loan taken from M/s. Annapurneshwari Rice Industries. The AO issued a notice under section 133(6) of the Act dated 04.09.2018 to M/s. Annapurneshwari Rice Industries calling upon them to furnish their bank statements showing the transactions of unsecured loan. M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Rs. 20,00,000 to me .However he told me that he will not be available on next day due his family obligations and told me that he will send cash through his employee to the bank for depositing.the same into. firms account. He immediately issued an account payee crossed cheque in firms name. Next morning i.e 05.02.2016 his person came to the bank to deposit the money into the bank account. He is not educated and could not fill the challan properly. I helped him in filling challan and deposited the cash into firms account. I present the cheque for transfer and the proceeds were credited to my Firms account. Just because of helping in completing the transaction cannot be inferred as my own money is deposited to lenders account. Additions c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made could not be sustained. His principle submission was that without examining Mr. Nagaraj, Partner of M/s. Annapurneshwari Rice Industries, no inferences, whatsoever, can be drawn. Learned DR relied on the order of the CIT(A) and the decision of the Hon'ble Supreme Court in the case of Principal CIT Vs. NRA Iron & Steel Pvt.Ltd., SLP (Civil) No.29855 of 2018) dated dated 5.3.2019. 8. I have given a careful consideration to the rival submissions and I am of the view that without examining Mr. Nagaraj, it is not possible to conclude that the sum which was added as unexplained cash credit in the hands of the assessee is unexplained cash credit. If on examination of Mr. Nagraj, admits having given Rs. 20 lakhs then the addition in question ..... X X X X Extracts X X X X X X X X Extracts X X X X
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