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TMI Blog2023 (3) TMI 114X X X X Extracts X X X X X X X X Extracts X X X X ..... dition u/s. 68 towards Loan of Rs.1,29,000/- and Rs.1,00,000/- accepted during the year under reference. 2. The Ld. CIT(A) has erred in passing a summary order without giving any finding on the submission made and case laws cited by the appellant. The appellant herein, craves leave to add, amend, alter, and/or delete any or more grounds of appeal, on or before hearing of the appeal." 3. Before we go into the merits of the case, we observe that there is delay of 164 days in filing of appeal. The counsel for the assessee submitted that the order was passed by ld. CIT(A) u/s. 250 of the Act and was served electronically on the assessee on 17-09-2021. The limitation period being 60 days would have expired on 16-12-2021. However, owing t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d a sum of Rs. 2,29,000/- in respect of unsecured loan taken from two persons Shri Prakashbhai Shivbhai (Rs. 1,29,000/-) and Shri Shivbhai Manjibhai (Rs. 1,00,000/-). 5. The assessee appeal filed before ld. CIT(A) and also filed certain additional evidences in the form of confirmation of Shri Prakashbhai Shivbhai and certain other details were also filed before ld. CIT(A). However, the ld. CIT(A) rejected the contentions of the assessee and dismissed the appeal of the assessee with the following observations:- "1. DECISION:- The order u/s 143(3), statement of facts and the submission furnished by the appellant have been considered. 2. In this case, the appellant received unsecured loan amounting to Rs. 4,79,000/- from three parties. O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9,000/- is confirmed and accordingly ground no.1 of the appeal is DISMISSED." 6. The assessee is in appeal before us against the order passed by ld. CIT(A). The counsel for the assessee submitted that in the instant facts the assessee has clearly proved the identity of the parties, creditworthiness of the parties and the genuineness of the transaction and both the additions in respect of the two depositors were added without any basis in the hands of the assessee. In respect of the first depositor, Shri Prakashbhai Shivbhai, the assessee submitted that Shri Prakashbha Shivbhai is a mechanical engineer and was working with M/s. Ajanta India Ltd. for a long time. His yearly salary was about 2,50,000/-. He is having PAN No. CURPK2255A and ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of land possessed by Smt. Laxmiben Manjibhai, copy of confirmation to the effect she had given a sum of Rs. 97,000/- to Shri Shivlal Manjibhai and copy of bank passbook of Shri Shivlal Manjibhai were already submitted during the course of appellate proceedings before ld. CIT(A). Accordingly, not only has the assessee demonstrated the identity of the creditor but has also furnished proof of source of source of money received by the creditor from which the above amount of Rs. 1,00,000/- was advanced to the assessee. Copy of bank passbook of the depositor/creditor, copy of confirmation of depositor Shri Shivlal Manjibhai, copy of confirmation of Smt. Laxmiben Manjibhai, details of possession of agricultural land by Shri Shivlal Manjibhai have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons in respect of unsecured loan taken from Shri Prakashbhai Shivbhai. Coming to the second creditor Shri Shivlal Manjibhai, we observe that the assessee has filed various details like copy of confirmation from Shri Shivlal Manjibhai before ld. CIT(A), copy of agricultural forms Shri Shivlal Manjibhai, copy of confirmation from Smt. Laxmiben Manjibhai dated 10- 06-2021 to the effect that he had advanced a sum of Rs. 97,000/- to Shri Shivlal Manjibhai, copy of agricultural forms of Shri Shivlal Manjibhai were also furnished before ld. CIT(A) during the course of appellate proceedings. Further, before us, the counsel for the assessee has also produced extracts of the bank statement reflecting repayment of the above amount back to Shri Laxmibe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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