9911796707
TMI Blog2015 (3) TMI 1422X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessee against order dated 29.11.2012 passed by Ld. CIT(A) Mumbai in relation to the order passed u/s 154 for the A.Y. 2005-06. 2. The brief facts are that the, assessee is an individual running a communication center and Cyber Café. Return of income was filed on 28.03.2006 declaring total income of Rs.1,03,229/- on a gross receipts of Rs.12,44,120/-. The Assessing Officer in the cours ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er and sister prior to A.Y. 1997-98, which is also reflected in the balance sheet and return of income filed from time to time, right from the A.Y. 1997-98 onwards. The copy of balance sheet return of income from the A.Y. 2003-04 onwards were also filed. It was also stated that during the course of the assessment proceedings loan confirmation was not required by the AO, therefore, there was no occ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt from record within the meaning of section 154. 4. After hearing both the parties and on perusal of the material placed on record, it is noticed that the assessee was required to furnish the details of unsecured loan, in response, the assessee had stated as under:- "Temporary loan from brother Mr. Jerald Lawrence Coutinho who is in service at Abroad, his present address is Post Box No. 46086, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.3,25,000/- .Section 68 stipulates that any unexplained sum found credited in the books of the assessee for any previous year, then the same may be taxed as income of the assessee for that previous year. Thus, section 68 can only be invoked if the loan has been taken or the sums have been credited in the books in the relevant previous year for which assessment is being made and not the loans ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
