TMI Blog2003 (10) TMI 260X X X X Extracts X X X X X X X X Extracts X X X X ..... under the garb of foreign remittance. He held that people had surrendered credits in the account of Shri Naresh Kapoor on account of material collected by the Revenue and when they had no choice. In the above circumstances, he made addition of Rs. 2,25,000 on account of unproved cash credits. 3. On appeal, the learned CIT(A) deleted the addition following her order dt. 7th Oct., 1999, in the case of Shri Parminder Singh, brother of the assessee. The cash credits in the name of Shri Naresh Kapoor were accepted as genuine. 4. The Revenue, being aggrieved, has brought the issue in appeal. I have heard both the parties. The learned counsel for the assessee placed on record photostat copies of cheques through which sum of Rs. 1,25,000 (Rs. 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sh. Naresh Kapoor after withdrawal from his bank account with Indian Overseas Bank, Jallandhar City. The loan taken in November, 1991, was repaid with interest through cheque in December, 1991. The total amount of Rs. 3,19,306 is debited in the accounts of the assessee. A sum of Rs. 4,306 was paid as interest on loan. This interest is also reflected in the books of account. The loan has been duly confirmed by Sh. Naresh Kapoor. The assessee, thus, proved identity of the creditor, genuineness of the transaction and capacity of the creditor. Sh. Naresh Kapoor for asst. yr. 1992-93 was assessed at a total income of Rs. 99,33,894 as per order dt. 25th March, 1997. The Revenue has brought no material on record to show that the transactions in q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to the extent of Rs. 1,25,000 in the name of Shri Naresh Kapoor were rightly accepted by the learned CIT(A). But there is a problem. The AO added Rs. 2,25,000 for unproved cash credits and the same amount was deleted by the learned CIT(A) in the impugned order. The learned counsel for the assessee submitted that there was typographical error in the orders of the Revenue authorities and in fact cash credits were only of Rs. 1,25,000. In this connection, the learned counsel for the assessee drew my attention to detailed submissions made by the assessee dt. 4th Jan., 2000, before the learned CIT(A). In the above submissions, it was clearly pointed that loan received through two drafts from Shri Naresh Kapoor amounted to Rs. 1,25,000 and not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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