TMI Blog2011 (6) TMI 1026X X X X Extracts X X X X X X X X Extracts X X X X ..... on the business as share and stock sub-broker. The return of income for the year under consideration was filed by it on 30.10.2001 declaring total income of 39,826/-. In the assessment completed under section 143(3) vide an order dated 25.03.2004, the total income of assessee was determined by the A.O. at 56,39,598/- after making addition inter alia under section 68 treating the unsecured loan of 49,00,000/- received by assessee as unexplained cash credit due to the failure of assessee to file the confirmation letters of the concerned creditors furnishing the related details. He also disallowed interest expenditure of 6,63,106/- claimed to be incurred by assessee in respect of the same loan. On appeal, the learned CIT(A) deleted the additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order of the learned CIT(A), the Tribunal has given further relief of 8,00,000/- on the issue of addition made under section 68 and even the proportionate disallowance made out of interest has been deleted by the Tribunal. It was contended that the addition made by the A.O. under section 68 thus has been finally sustained only to the extent of 6.50 lakhs and that too mainly because the assessee could not discharge the onus that lay on it to explain the relevant cash credit in terms of section 68. It was contended that there was no allegation against the assessee of having concealed any particulars of its income or furnishing of inaccurate particulars of such income. The addition was finally sustained to the extent of 6.50 lakhs only under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reduced by the learned Rs. Rs. Rs. Rs. Rs. CIT(A) to Rs.15.50 lakhs and further by the Tribunal to 6.50 lakhs only after having found that sufficient documentary evidence was produced by the assessee to explain the relevant cash credits to the extent of 42.50 lakhs in terms of section 68. The balance addition made under section 68 to the extent of 6.50 lakhs, however, was sustained by the Tribunal mainly because there was failure on the part of assessee to satisfactorily explain the unsecured loans to the extent of 6.50 lakhs in terms of section 68. There was, however, nothing brought on record during the course of quantum proceedings to show that the said amount represented assessee s own income/money which was introduced in the form of u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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