9911796707
TMI Blog2012 (8) TMI 798X X X X Extracts X X X X X X X X Extracts X X X X ..... of Chandan Tea Enterprise Rs.7,00,000/- (2) Unexplained loan credit in the name of Anand Corporation Rs.2,00,000/- (3) Interest on above two loan credits Rs. 0,03,228/- Rs.9,03,228/-" 2. The relevant facts are that the Assessing Officer passed order under section 143(3) in respect of return of income for the assessment year 1994-95, by determining total income of the assessee at Rs. 19,40,292, against the total income of Rs. 7,48,890 shown by the assessee. The Assessing Officer in his order of assessment dated 26-3-1997 made additions/disallowance under the various heads. One of the item was the addition of Rs. 9,03,228/- on account of unexplained loans and interest thereon. According to the Assessing Officer, the amount of Rs. 7,00,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 68 of the Act, the Tribunal considered the matter and observed inter alia that the amount of Rs. 1,50,000/- was part of the total amount and the other part was considered by the authorities below for the purpose of deleting the addition. The Tribunal observed inter alia as under: "On ground No.11, the assessee challenged the addition of Rs.1,50,000/- u/s 68 of the IT Act. The facts have been noted while considering ground No.3 in the departmental appeal above in which with regard to M/s. Chandan Tea Enterprises the learned CIT(A) deleted the addition of Rs.5,50,000/- and confirmed by the Tribunal. It was noted that Rs.1,50,000/- was received by the assessee as deposit on 20.09.1993 which was repaid on 22.10.1993. The learned CIT(A) noted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emanded the matter for reconsideration of the issue, directing the Appellate Commissioner to redecide the issue by giving opportunity of being heard to the assessee and permitting the assessee to furnish further evidences to his satisfaction. 4. We heard learned advocate Mrs. M.M. Bhatt for the Revenue. She submitted that the decision of the Tribunal was erroneous because according to her, the Tribunal only considered one requirement for furnishing confirmations, without going into the other requirements for proving the genuineness of credit, creditworthiness of the parties, etc. It was submitted that the entire amount of loan credit in the name of Chandan Tea Enterprises was not proved as genuine and, therefore, the Tribunal was not justi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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