TMI Blog2022 (6) TMI 662X X X X Extracts X X X X X X X X Extracts X X X X ..... ty credited in the books of an assessee, shall be treated as explained only if the source of funds is also explained in the hands of the creditor or entry provider. In the case in hand even the source of source was explained or to say discovered by the Ld. AO during the remand proceedings but then by putting suspicion on the transactions of the source of source, the amounts in the hands of assessee have been considered to be unexplained credits u/s. 68 - Decided in favour of assessee. - ITA No. 2688/Del/2014 - - - Dated:- 31-5-2022 - SH. G. S. PANNU , HON BLE PRESIDENT AND SH. ANUBHAV SHARMA , JUDICIAL MEMBER Assessee by : Shri Anand Kumar Pandey , Adv. Revenue by : Sh. Garima Sharma , Sr. DR ORDER PER ANUBHAV SH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority being not satisfied with the explanation of source dismissed the appeal. 3. Now, before the Tribunal assessee has raised as many as seven grounds of appeal which have cumulative effect of questioning the impugned order of CIT(A) in not considering the remand report given by Ld. AO and the relevant evidence of the assessee explaining the source. 4. Heard and perused the record. On behalf of the assessee it was submitted that in the remand report itself the ld. AO had forwarded confirmed copy of bank account of Shri Jawahar Lal Jaiswal along with necessary information about his credentials and credibility. It was submitted that the law is now settled that source of source need not be proved by the assessee. Based upon the docu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er on record it can be observed from the impugned order of Ld. FAA that remand report was called from the Ld. AO wherein the claim of assessee that he received Rs. 70 lakhs on 01.02.2006, Rs. 50 lakhs on 15.02.2006 and Rs. 50 lakhs on 28.02.2006 through bank channels from M/s. JHV Sugar Ltd. and Rs. 50 lakhs received from M/s. Jagdamba Wines on 29.03.2006 is not disputed. But what transpires is that both Ld. AO in his remand report and Ld. FAA in his findings have tried to find a trail of transactions of the money in the hands of creditor Sh. Jawahar Lal Jaiswal and taint the funds in the hands of Assessee, which appears to be unjustified in the facts and circumstances of the case. 5.1. As it can be observed from the matter on record tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... HV Sugar Ltd. returned the loan to Jawahar Lai Jaiswal on 03.08.2005 giving an amount of Rs. 2 crore. This amount of Rs. 2 crore appears in the bank statement of Sh. Jawahar Lai Jaiswal for account no. 303502010800474 in UBI on 03.08.2005 which was opened on 01.08.2005 only. Thus, there is no record available to show that Sh. Jawahar Lai Jaiswal has given loan of Rs. 1.75 crore on 18.02.2005. After receiving Rs. 2 crore from M/s. JHV Sugar Ltd., Sh. Jawahar Lal Jaiswal again advanced Rs. 2.13 crore on 27.01.2006 from which the three cheques of Rs. 70 lakhs, Rs. 50 lakhs and Rs. 50 lakhs was given to Sh. Jawahar Lai Jaiswal which was passed on to the appellant on the same day. Thus, the amount of Rs. 1.75 crore remains unexplained in the han ..... X X X X Extracts X X X X X X X X Extracts X X X X
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