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TMI Blog2012 (11) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... zers who has furnished that on encashment of FD the amount was advanced. It was explained that the said firm was constituted in the year 1990 and thereafter regularly filing the return, hence subjected to tax regularly. The position of income declared and taxes paid of last several years have also been placed on record. Therefore, it was explained that there were fixed deposits of Rs.16.65 lacs and Rs.12 lacs respectively which were duly disclosed in the books of accounts. Those FDs got matured during the year under consideration and the proceeds were credited in the bank account out of which the impugned amount was advanced - no point of undisclosed income arises - in favour of assessee. Restricting the disallowance at 5% instead of 10% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmation filed but without stamp mark of the firm 2. Copy of bank account filed. 3. Return of Income not filed. 2. Sharmisthaa B. Naik 3,80,000 1. Confirmation and bank statement filed. 2. Return of Income not filed. 3. Ranjanben N.Naik 3,80,000 1. Confirmation and bank statement filed. 2. Return of Income not filed. 2.2. After party-wise discussion and mentioning of few case laws, the AO has held that the requisite evidences as prescribed u/s.68 were not furnished by the assessee, hence the total amount of Rs.32,60,000/- was taxed u/s.68 of IT Act. Being aggrieved the matter was carried before the first appellate authority. 3. Before ld. CIT(A) the assessee has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvanced a loan of Rs.3,80,000/-. She has furnished confirmation letter along with the Bank statement. She has also furnished her income tax return. Next, in the case of Ms. Ranjanben N. Naik, it was noted that she was also a partner of M/s. Jamna Organizers and out of her capital of Rs.35,40,000/- she had given a loan of Rs.3,80,000/- to the assessee. Her confirmation along with bank statement and the copy of return were also filed. The next party was M/s. Jamna Organizers and the firm has furnished that on encashment of FD the amount was advanced. It was explained that the said firm was constituted in the year 1990 and thereafter regularly filing the return, hence subjected to tax regularly. The position of income declared and taxes paid o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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