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TMI Blog2012 (8) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... as well the credit worthiness of the creditor and genuineness of the transaction the addition of Rs.39 lakh made by the AO on account of loan taken from H.G. Exim P. Ltd. stands deleted - in favour of assessee. - ITA 418/2012 - - - Dated:- 31-7-2012 - MR. JUSTICE S. RAVINDRA BHAT, MR. JUSTICE R.V. EASWAR, JJ. For Appellant: Mr. Sanjeev Sabharwal, Sr. Standing Counsel. MR. JUSTICE S.RAVINDRA BHAT (OPEN COURT) 1. The Revenue in its appeal while challenging the order of the Income Tax Appellate Tribunal (ITAT) dated 04.11.2011 in ITA No.1852/DEL/2011, urged that the Tribunal fell into error in upholding the deletion of certain amounts which had been directed originally by the Assessing Officer (AO) in the assessment orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal Rs. 41,50,000/- Out of this credit of Rs. 41,50,000/-, the assessee had shown the repayment of Rs. 2,50,000/- on 16.03.2006 leaving a balance of Rs. 39 lakh as on 31.03.2006. The addition made by the AO is only in respect of the closing balance of Rs. 39 lakh representing two credits received on 24.03.2006 and 30.03.2006. The receipt of Rs. 2,50,000/- on 14.03.2006 from the same party has not been considered to be the unexplained credit in the hands of the assessee. The credit of Rs. 2,50,000/- received on 14.03.2006 were repaid on 16.03.2006 during the same year itself, and the same has not been doubted by the AO. The closing balance of Rs. 39 lakh as on 31.03.2006 has been carried forward to the next year as opening bal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s no addition has been made by the AO on account of credit of Rs. 2,50,000/- received by the assessee on 14.03.2006 from Account no. 3142320001088. From the discussion made above, it is thus, clear that the assessee received the amount from Account No. 3142320001088 and thereafter, repaid the amount, which has been transferred to the Account No. 3142320001088. From the aforesaid transactions it is thus, clear that the amount of Rs. 39,00,000/- remaining outstanding as on 31.03.2006 has been repaid by the assessee in the subsequent F.Y. 2006-07 except by an amount of Rs. 2,15,000/- transferred to current account of the creditor. 16. We have also examined the current account of the creditor H.G. Exim Pvt. Ltd. for the year from 01.04.2005 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same during the year itself. All these transactions made by the assessee with M/s H.G. Exim P. Ltd. have not been found to be bogus. The AO has made the addition merely because M/s H.G. Exim P. Ltd. had failed to appear before him and file documents in response to the summon issued u/s 131 of the Act. In this connection, the assessee has produced all the relevant details before the AO and has also supplied the address of H.G. Exim P. Ltd. vide assessee s letter dated 8.12.08, where the permanent account number of H.G. Exim Ltd. was also supplied as PAN Number AABCI3072R. The present assessee is assessed by the Income Tax Officer, Ward 12(3), New Delhi. The creditor M/s H.G. Exim Ltd. is also assessed by ITO, Ward 12(3), New Delhi. The AO ..... X X X X Extracts X X X X X X X X Extracts X X X X
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