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TMI Blog2003 (4) TMI 241X X X X Extracts X X X X X X X X Extracts X X X X ..... ough cheque from T.R. Talwar on27th Jan., 1991, (ii) Rs. 15,000 through cheque from T.R. Talwar on5th March, 1991, (iii) Rs. 40,000 through cheque from Mrs. Vimal Talwar on27th Jan., 1991, (iv) Rs. 15,000 through cheque from Mrs. Vimal Talwar on5th March, 1991. 3. The AO observed that during the course of hearing the assessee did not file any confirmation from Mr. T.R. Talwar and Mrs. Vimal Talwar, but filed copy of bank account. A perusal of the same revealed that cash of Rs. 40,000 was deposited on 25th Jan., 1991, with Punjab National Bank and Rs. 25,000 was deposited on 25th Jan., 1991, in CitiBank and then the assessee received various cheques which have been deposited in the bank account of Shri T.R. Talwar as under: 4. On 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... V, Industrial Area, Sahibabad, Ghaziabad, in which he is a director had given loan of Rs. 70,000 vide bank draft No. 278381, dt.4th Feb., 1991, to Dilshad Nursing Home. In this connection Shri O.P. Arora has submitted a copy of bank account No. 1663 in respect of M/s Modern Castwell (P) Ltd. which shows that a sum of Rs. 70,175 was debited on4th Feb., 1991, for issue of draft. Regarding the other amounts given by Dr. T.R. Talwar and Mrs. Vimal Talwar the AO was still not convinced of assessee s case." 9. CIT(A) confirmed the additions in respect of Dr. T.R. Talwar and Mrs. Vimal Talwar against which the assessee is now in appeal before us. 10. Shri S.K. Jain, CA appeared for the assessee. He stated that the assessee should have been giv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 75 per cent of our deposits which was of the order of Rs. 1.2 lacs. I had to apportion my savings in such a way that I have immediately cashable money without touching my FD because of our SOS medical requirements. My other life savings used to be in the form of NSC, NSS, UTI, etc. My joint recollections regarding the payments made to Dr. Rajesh Sardana for repayment of his loans are as follows: 1. I had sold my fiat car (DLV 8644, 1966 model to Wing Commander G.S. Grover, r/o EB 44, Maya Enclave, Hari Nagar, New Delhi, for Rs. 30,000 only in 1990 and, 2. I had NSC and NSS worth Rs. 70,000 as my lifelong savings which I was to purchase as income-tax savings device since 1983 and they use to mature yearly November, 1990 onwards. I re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eness of loan and credit-worthiness of the lenders, whereas there was no material available with the learned ITO to come o the conclusion that the stated amount be added as assessee s income from undisclosed sources." 12. In support of his contention the learned authorised representative relied on the following rulings: 1. Parimsetti Seetharamamma vs. CIT (1965) 57 ITR 532 (SC) 2. (1951) 19 ITR 723 (sic) 3. Saraogi Credit Corporation vs. CIT 1975 CTR (Pat) 1 : (1976) 103 ITR 344 (Pat) 4. Sundarmal Bagaria vs. CIT (1979) 10 CTR (Pat) 349 5. Northern Bengal Jute Trading Co. Ltd. vs. CIT (1968) 70 ITR 407 (Cal) and other cases. 13. Smt. Pratima Kaushik, Sr. Departmental Representative, relied on the orders of AO and CIT(A). Accor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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