9911796707
TMI Blog2012 (9) TMI 431X X X X Extracts X X X X X X X X Extracts X X X X ..... me only, as the returned income of creditor shown off lesser income as compare to loan given to assessee. Bank statement of creditor clearly shows the deposit of said sum from another person. AO has neither conducted any inquiry, nor had any material been brought on record to doubt the source of the deposit entries in the creditor’s account. Assessee had duly discharged his onus of establishing the identity and credit worthiness of the creditor, as well as the genuineness of the transaction. The findings of fact recorded therein remained irrational. Decision against revenue. - ITA No. 1982/Del/2012 - - - Dated:- 3-7-2012 - SHRI A.D. JAIN, AND SHRI J.S. REDDY, JJ. Revenue by : Dr. B.R.R. Kumar, Sr. DR O R D E R PER A.D. J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived an unsecured loan of Rs. 22,50,000/- from three creditors. Out of this, a sum of Rs. 10 lac had been advanced as loan to the assessee by Ms Purnima Chaudhary. The Assessing Officer observed that Ms Chaudhary had returned an income of Rs. 2,15,940/- only whereas she had advanced the loan of Rs. 10 lac to the assessee. As per the assessment order, when the assessee was asked to establish the capacity of the said creditor to lend this loan to the assessee, the assessee remained unable to satisfactorily explain the source of the various creditors appearing in the bank statement of the creditors before the date of advancing the loan. It was observed that the loan had been advanced on 08.03.2008, vide cheque No.366445 and the bank stateme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancelled and that passed by the Assessing Officer revived. 7. We have heard the Ld. DR and have perused the material on record before us. From the order under appeal, it is available that before the Ld. CIT (A), the assessee had contended that he had taken the unsecured loan of Rs. 10 lac from Ms Purnima Chaudhary vide cheque No.366445 dated 08.03.2008. It was contended that before the Assessing Officer, in the assessment proceedings, the assessee had filed a copy of the creditor s PAN Card, a copy of her income-tax return for Assessment Year 2008-09 i.e., the year under consideration, a copy of her bank statement and proof of her residential address, thereby discharging his onus of proving the identity and credit worthiness of the credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... advanced a sum of Rs. 10 lac to the assessee did not hold good. For holding so, the Ld. CIT (A) observed that it was not necessary that the amount advanced by the creditor had to be out of the current years income only. It was observed that there were deposits of Rs. 12,50,000/- in the creditor s account on 16.02.2008 by clearing and Rs. 2,50,000/- in cash on 07.03.2008; that though these had been doubted by the Assessing Officer, neither any inquiry had been conducted, nor had any material been brought on record to doubt the source of the deposit entries in the creditor s account. The Ld. CIT (A) also took into account the copy of cheque No.676930 dated 12.02.2008 from Ms Raj Rani favouring Ms Purnima Chaudhary for Rs. 12,50,000/- drawn o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
