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TMI Blog2024 (5) TMI 1093X X X X Extracts X X X X X X X X Extracts X X X X ..... h March, 2007 at the residential and business/office premises belonging to the Dinesh Pratap Singh and M/s. Alliedplus Infra and Others Pvt. Ltd. and others 'Group of cases'. To define about 'the group of cases', it will be appropriate to divide it in two parts. First one Shri Dinesh Pratap Singh, his wife Smt. Alka Singh, Mother-in-law Smt. Vedvati, Shri Deepak Chauhan and others. The second part of the group related to the entities M/s Alliedplus Infra and Others Pvt. Ltd., its promoters Smt. Priya Sharma, Shri Sudhir Chawla, Shri Vinod Choudhary and Others. The case was centralized with this Circle by the Principal Commissioner of Income Tax, Haldwani vide his Centralization Order u/s 127 of the I.T. Act, 1961. 3. The case was selected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o issued and duly served upon the assessee. In response, Shri Raghav Gulati, Advocate, Authorized representative of the assessee attended from time to time and filed details/accounts of the assessee which were considered. As per the report of auditors report u/s 142(2A) there is unexplained cash credit during the year amounted to Rs. 6,96,700/- being net negative cash on summarising entries on day to day basis, the details of which are as under: Professional income received not traced in bank, assumed in cash (-)59000 TDS paid on property purchased not traced in bank, assumed in cash 1,25,000 Stamp Duty on property purchased not traced in bank, assumed in cash 5,94,000 Expenses on property purchased not traced in bank, assumed in cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wn by the assessee in the return of income Rs. 12,54,450/- Add: Addition Rs. 6,96,700/- Add: Addition Rs. 25,00,000/- Rs. 44,51,150/- Charge of interest and proceedings for penalty were initiated vide assessment order dated 09.08.2019. 7. Appellant assessee preferred an appeal before the Learned CIT(A) vide order dated 31.07.2023 the appeal was partly allowed Amount of Rs. 6,96,700/- was set aside and Rs. 25,00,000/- was confirmed. 8. Being aggrieved appellant assessee preferred an appeal. 9. Learned Authorised Representative of the assessee submitted that Learned CIT(A) erred in confirming addition of Rs. 25,00,000/- in absence of incriminating documents. The assessee had submitted confirmation letter from lender, copy of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... given to the appellant on 25.05.2016. further, it has been observed that before giving Rs. 15,00,000/-, on 18.04.2016, there is cash deposit of Rs. 50,000/- and subsequently on 22.04.2016, again there is cash deposit of Rs. 9,50,000/-. Further, on 27.04.2016 there is transfer entry of Rs. 6,00,000/- from M/s Shiva Auto Mobiles. Regarding payment of Rs. 10,00,000/- to the appellant by Shri Anil Kumar Singh on 03.06.2016, it had been observed that source of this payment was from the interest bearing Cash Credit Loan Account. It is observed that there was secured loan in Allahabad bank in the form of Cash Credit Loan Account amounting to Rs. 28,58,926/- on which interest of Rs. 2,00,691/- had been debited in the Profit & Loss Account. In thes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er in the tax audit report in this regard. The loan given to assessee is duly reflected in audited balance sheet of the lender. In view of the above, genuineness of transaction and credit worthiness of the lender stands established. Therefore the appellant / assessee had proved identity, creditworthiness of lender and genuineness of transaction to show that the case comes within the purview of provisions of section 68 of the Income Tax Act, 1961. 13. Hon'ble Supreme Court in the case of Roshan Di Hatti v. CIT [1977] 107 ITR 938 (SC), observed that: "Now, the law is well settled that the onus of proving the source of a sum of money found to have been received by an assessee is on him. If he disputes the liability for tax, it is for him to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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