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TMI Blog2012 (7) TMI 246X X X X Extracts X X X X X X X X Extracts X X X X ..... HRI G.D.AGRAWAL, AND SHRI I.C.SUDHIR, JJ. Appellant by : Shri R.S.Negi, Sr.DR. Respondent by : Shri Rajeev Mago, FCA. ORDER PER G.D.AGRAWAL, VP : The only ground raised in this appeal by the Revenue reads as under:- On the facts and circumstances of the case, the ld.CIT(A) has erred in deleting the addition of Rs.25,00,000/-, allegedly received from Shri S.S.Malik as a refund of loan, held by A.O. as unexplained cash credit u/s 68 of the I.T.Act. 2. The facts of the case are that during the year under consideration, the assessee received back a sum of Rs. 25 lakhs which was the unsecured loan earlier given to Shri S.S.Malik. During the course of assessment proceedings, the assessee has furnished the confir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be restored. 4. The learned counsel for the assessee, on the other hand, stated that the assessee has produced the confirmation, copy of income tax return, and copy of bank statement of Shri Malik. As per his income tax return, his returned income is Rs. 26,02,231/-. Copy of his bank statement is at page 18 of the assessee s paper book and the balance in the bank account of Shri S.S.Malik before issuing the cheque to the assessee was Rs.76,43,191/- and even after some time, the balance in his bank account has increased and as on 25th July, 2007, it became Rs. 92,78,620/-. Thus, the assessee has duly established the identity, creditworthiness as well as genuineness of the transaction. He further stated that the Assessing Officer has issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance in his bank account varies between Rs. 32,01,747/- to Rs. 92,88,620/-. Therefore, in our opinion, there cannot be any doubt about his identity or creditworthiness. Now, the question comes about the genuineness of the transaction. We find that the Assessing Officer had issued summon under Section 131, in response to which, Shri S.S.Malik sent a letter directly to the Assessing Officer in which he has mentioned as under:- I am in receipt of summons (ref no 14) served on me in view of the assessment proceedings in the case of Sh.Jaspinder Singh Puri for the assessment year 2008-09, to confirm the loan taken from him and its subsequent payment. It is hereby confirmed that the a loan of Rs.25,00,000 was received on 27.10.2004 vide cheque ..... X X X X Extracts X X X X X X X X Extracts X X X X
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