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TMI Blog2002 (11) TMI 324X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of the following loans received by the assessee. (a)Loan of Rs. 2,00,000 from Smt. Veena Gyanchand, (b)Loan of Rs. 38,000 from Master Ashish L. Sajnani, and (c)Loan of Rs. 90,000 from M/s. Indira Painters. 2. Briefly stated, the assessee contends that they had filed confirmation letters in respect of the creditors. However, at the stage of the assessment proceedings, the creditors were non co-operative and did not respond to the summons issued by the learned Assessing Officer. It was further contended that some additional evidence was sought to be produced before the learned CIT(A) which he refused to admit. It was argued that all the loans were genuine, parties are identified, the loans were received and repaid by cheques/draf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 6. We have considered the rival submissions and have gone through the Paper Book filed by the assessee. The Hon'ble jurisdictional High Court in the case of Smt. Prabhavati S. Shah v. CIT (supra ), on somewhat similar facts held that the discretion vested in the first appellate authority under Rule 46A of the Income-tax Rules, 1962 ought to have been exercised in favour of the admission of additional evidence, considering the powers bestowed upon the first appellate authority under sub-sections (4) and (5) of section 250 of the Income-tax Act, 1961. The case before the Hon'ble Bombay High Court related to additions made under section 68 and rejection of the additional evidence by the Appellate Assistant Commissioner. We think the ratio o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cided afresh after giving the assessee and the learned Assessing Officer good and sufficient opportunity. 8. As regards to loan of Rs. 90,000 from M/s. Indira Painters it was argued that letter of confirmation was filed during the assessment proceedings giving the names and address of the creditor. It was argued that the amount was received by cross account payee cheques and was also repaid in the same manner. The creditor did not cooperate and hence, did not respond to the enquiries made by the learned Assessing Officer. 9. We have perused the records and have considered the rival submissions. A copy of the so called confirmation letter from M/s. Indira Painters filed by the assessee is at page 13 of the Paper Book. The confirmation lett ..... X X X X Extracts X X X X X X X X Extracts X X X X
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