9911796707
TMI Blog1979 (2) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... id previous year the ITO came across cash credits of Rs. 4500 in the account of Shri Dalal Singh Noratmal and Rs. 3500 in the account of Shri Madan Lal. ITO has treated both these credits totalling Rs. 8000 as unexplained and added the said amount alongwith interest of Rs. 577 in the assessment. On appeal, the learned AAC felt satisfied with regard to the genuineness of these credit entries and deleted these additions. Hence, the Departmental appeal. 4. Regarding the credit of Rs. 4500 in the account of Shri Dalal Singh Noratmal. Shri Mohan Lal, son of the creditor who had since expired appeared before the ITO. His statement was recorded by the ITO on 29 Sept., 1975 in which he accepted having advanced the said amount in two instalments o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 7th Feb., 1972. After considering all these materials the learned AAC came to the conclusion that the credit was genuine. 5.The other credit was of Rs. 3500 in account of Shri Madanlal. He also appeared before the ITO and his statement was recorded on 29th Sept., 1975. It was stated by him that he had carried on a Parchuni Kirana shop for the last 20 years from which he earned Rs. 15 or so daily. He also owned a house and agricultural land measuring 1 1/2 bigha which yielded annual income of Rs. 1000 It was further stated before the learned AAC that Shri Madanlal had been advancing money to small farmers during the earlier years and he had received back a sum of Rs. 2600 which he utilised in paying Rs. 3500 to the assessee firm. It was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e transaction was not genuine and that the cash credit represented that assessee's own income introduced in the books under the guise of cash credits. The facts stated above have to be considered in this light. 8. In so far as credit of Rs. 4500 in the account of Shri Dalal Singh Noratmal is concerned, Shri Mohanlal, son of Shri Dalal, Singh who had expired 4 years back, appeared before the ITO and accepted the transaction. He mentioned also the source out of which the money was paid. He further admitted that interest was received. He further stated that the amount was re-paid. Rs. 1750 was paid on 7th Feb., 1972 by an account payee cheque drawn on Ajmer Urban Co-operative Bank. A confirmation from the Bank was also obtained and filed. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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