2021 (3) TMI 982

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..... DICIAL MEMBER This appeal has been preferred by the assessee against the order dated 30/08/2019 impugned herein passed by the ld. CIT(A)-1, Visakhapatnam u/sec. 250(6) of the Income Tax Act, 1961 (hereinafter referred to as "Act") for the A.Y. 2013-14. 2. The assessee has raised the following amended grounds of appeal:- "1. The orders passed u/sec. 143(3) of the I.T. Act are against the facts .....

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..... ions on 11/09/2012 (Rs. 5.00 lakhs) and 12/11/2012 (Rs. 2.00 lakhs). The AO has held that the said amount was credited as a loan from A. Satyanarayana, however, the said person could not explain the source for the same. 4. In appeal before the ld. CIT(A), the assessee had discharged his onus on account of identity, creditworthiness and genuineness of the credit and also explained the source of cr .....

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..... d. CIT(A). 7. We realise that the ld. CIT(A) while passing the impugned order thoroughly gone into the details of the amount deposited by the assessee in his bank account and came to a conclusion as it can be seen from the record that the assessee had discharged his onus qua identity, creditworthiness and genuineness of the credit. The ld. CIT(A) further held that the assessee has already repaid .....

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