TMI Blog2015 (11) TMI 1864X X X X Extracts X X X X X X X X Extracts X X X X ..... were assessed to income-tax at the same place and hence the AO could have very easily invoked any enquiry. In these circumstances, in our considered opinion, there is no infirmity in the order of learned CIT(Appeals). In this regard we may refer to Hon ble Apex Court decision in the case of CIT vs. Orissa Corporation P. Ltd. [ 1986 (3) TMI 3 - SUPREME COURT] . In this case it was expounded that when the names and addresses of the creditors are given and they are income-tax assesses, then the onus to disprove the same lied on the Revenue. In this case admittedly the Revenue has not discharged the onus. We are not inclined to accept the submissions of the learned D.R. to remit the matter to the files of the AO. AO had all the informations before him at the time of assessment. Similarly he was again given an opportunity when the submissions of the assessee were remanded to him. Now the AO cannot give a third innings which will be clearly an injustice to the assessee and harassment by multiple assessment proceedings on same issue for no fault of the assessee. Accordingly we uphold the order of learned CIT(Appeals) on this issue and dismiss the ground taken by the Revenue. Additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the assessee has taken fresh loans to the tune of Rs.51,38,998/- during the year. The assessee was asked to explain the same. With evidence. Upon receiving assessee s submission the AO observed that the assessee has taken fresh loans and has invested in 7 new properties during the year. That though confirmations are filed, the assessee made no efforts to establish the creditworthiness of the lenders. Copies of ITR are filed but copies of bank account of lenders are not filed. That from the returns from the lenders it was seen that meagre incomes are shown and neither balance sheet nor capital account is filed. Hence the AO concluded that necessary efforts from the side of assessee are lacking and the new unsecured loans failed to be satisfactorily explained as genuine. Hence the AO invoked the provisions of section 68. Thus the AO made an addition of Rs.51,49,756/-. 3. Before the learned CIT(Appeals) the assessee submitted that the loans were received from outside parties and they were not cooperating with the assessee in furnishing satisfactory evidences. The assessee had requested the AO vide letter dated 28-11-2011 to call for necessary details and confirmation by con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ------do--- 3,00,0001- 10,697/- Total 49,90,000/- 1,48,9981 Total loan amount including principal interest 51,38,998/ After completion of the assessment, the appellant received the balance supporting evidences and the same were filed with request to accept the same under Rule 46A of the Rules. It was contended that all the creditors are assessed to tax and they have shown the loan transactions and interest receipts in their individual IT returns. All the fresh loans were received through account payee cheques. It was contended that the transaction were verifiable from the return of the concerned parties and their balance sheet shows the same. The appellant contended that sufficient funds are available with the concerned parties for lending the loan to the assessee. Relying on the decision of Hon'ble Rajsthan High Court in the case of Kamal Motors vs CIT 186 CTR (Raj)166, the appellant contended that if the creditors are assessed to tax, their credit worthiness is proved and no addition is possible. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne either by issuing summons u/s.131 or deputing Inspector, which was not done, instead of this he held that the income shown in their cases is meager. Therefore, after considering the facts and circumstances of the case and the case laws relied up on by the appellant and the fact that all the persons are regularly assessed to tax and such credits/interest income are not disputed in their respective cases, the addition made by the AO is not proper and not sustainable and the same is deleted. Accordingly, the A.O. is directed to allow the amount interest disallowed at Rs.14,796/- (A. Yr. 2007-08); Rs.52,819/- (A.Yr.2008-09); Rs.38,285/- (A.Yr.2009-10); Rs.43,372/-' (A. Yr. 20 1 0-11) on these loans. The amount of miscellaneous expenses ofRs.10,758/- included in the total addition of Rs.51,49,756/- is also deleted, being made twice. In the result the appellant gets relief of Rs.51,49,756/- in A. Yr. 2007-08; Rs.52,819/- in A.Yr.2008-09), Rs.38,285/- in A.Yr.2009-10 and Rs.43,372/- in A.Yr.2010-11. These grounds of appeal are accordingly allowed. 4. Against the above order, Revenue is in appeal before us. 5. We have heard both the counsel and perused the records. Learned D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n opportunity when the submissions of the assessee were remanded to him. Now the AO cannot give a third innings which will be clearly an injustice to the assessee and harassment by multiple assessment proceedings on same issue for no fault of the assessee. Accordingly we uphold the order of learned CIT(Appeals) on this issue and dismiss the ground taken by the Revenue. 8. Another issue raised by the Revenue in assessment year 2007-08 is that learned CIT(Appeals) has erred in deleting the addition of Rs.10,758/- made by the AO on account of miscellaneous expenses. 9. We find that learned CIT(Appeals) has clearly found that the amount of miscellaneous expenses of Rs.10,758/- was added twice as it was once again included by the AO in the disallowance for unsecured loans and interest. This is clear from the reading of the AO s order on the issue of addition for unsecured loan wherein the AO had started with the figure of Rs.51,38,998/- but in conclusion had added Rs.51,49,756/-. Clearly the different amount of Rs.10,758/- was a double addition. Hence the learned CIT(Appeals) has only deleted the double addition in the grounds dealt with by him. Hence we uphold the order of learne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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