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TMI Blog2012 (12) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... raised three grounds of appeal, the sum and substance of which is against the action of the CIT(A) in confirming the addition of Rs. 3,19,736/- made by the AO u/s 68 of the Act, as unexplained cash credit. 3. The facts of the case are that the AO noticed from the capital account that an amount of Rs. 3,19,736/- was the fresh credit introduced during the year under consideration. On being asked by the AO to furnish the documentary evidence, the assessee failed to substantiate his claim, therefore, the AO treated the said amount as unexplained cash credit u/s 68 of the Act, and added the same to the total income of the assessee. Aggrieved, the assessee carried the matter in appeal before the CIT(A). 4. Before the CIT(A), it was argued that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cash credit. He, therefore, pleaded that the matter may be sent back to the AO to verify the said documentary evidence and other sources of income of the assessee. 6. The learned DR, on the other hand, relied upon the orders of the authorities below. 7. We have heard the arguments of both the parties and perused the record as well as gone through the orders of the authorities below. The grievance of the assessee is that the AO ignored the cash flow statement filed before him and since the AO has not pointed out any mistake in the cash flow statement, then there is no requirement for adducing evidence for sources particularly when the capital is introduced from out of available funds. After considering the totality of the facts of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same was deposited into the account of the assessee on 23/05/2006 and in turn the money was remitted by the assessee to him. After considering the said explanation, the AO observed that in the present case it was not the question of payment made by the assessee to Mr. Md. Nurool Haq and it is the question of the credits appearing into his bank account and the sources. When the assessee was asked to furnish the details of the person who has deposited the money into his bank account, the Assessee failed to substantiate the credits appearing into the bank account, the AO treated the entire said amount of Rs. 17,50,000/- as unexplained cash credit u/s 68 of the Act, and made the addition. Aggrieved, the assessee carried the matter in appeal bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said amount was deposited by one Mr. Arshad Khan, who owed sum money to Mr. Noor-Ul-Haq. He further submitted that the assessee is the cousin of Mr. Noor-Ul-Haq and at his request the assessee collected the money on his behalf which was later handed over to Mr. Mohd. Noor-Ul-Haq vide cheque No. 689772, dated 29/05/06 for Rs. 8,50,000/- and Rs. 9,00,000/- vide cheque No 689771, dated 29/05/06. The receipt from Arshad Khan and the subsequent onward payment to Mr. Noor-Ul-Haq were through cheques. The learned counsel submitted that copies of confirmation letter/affidavit from Mr. Mohd. Noor-Ul-Haq as well as from bank have been filed before the AO. He submitted that the said transactions are done through banking channel. He therefore contende ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see, it was confirmed by the Assessee that the notings were in his hand writing and confirmed the payments made by him on various dates. Therefore, the AO made the said addition as unexplained investment. On appeal, the CIT(A) confirmed the said addition by holding that there is corroborative evidence to the notings in the papers found during the course of search as the assessee is dealing with persons mentioned therein in respect of purchase of properties and it is for the assessee to rebut such evidences found during the search with conclusive evidences. The CIT(A) observed that no such attempt had been made by the assessee to rebut the above evidences which were confronted to him. Still aggrieved, the assessee is in appeal before us. 16 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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