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TMI Blog2013 (5) TMI 608X X X X Extracts X X X X X X X X Extracts X X X X ..... e same is deleted. In favour of assessee. Unsecured loan of Rs.5,09,000/- - CIT(A) deleted the part amount - Held that:- As the assessee has furnished sufficient material to discharge burden in this regard, identity, creditworthiness and genuineness of the transactions including bank balances out of which loans were given. Under the circumstances, the addition of Rs.5,09,000/- sustained by the CIT(A) is not warranted, therefore, the same is deleted. In favour of assessee. - ITA No.401/Agra/2012 - - - Dated:- 10-5-2013 - Shri Bhavnesh Saini And Shri A. L. Gehlot,JJ. For the Appellant : Shri Rajendra Sharma, Shri Manuj Sharma, Advocates For the Respondent : Shri K. K. Mishra, Jr. D. R. ORDER Per A. L. Gehlot, Acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nditures is not needed. The A.O. made the addition of Rs.10,119/-. The CIT(A) confirmed the addition. 5. We have heard the ld. Representatives of the parties and records perused. The assessee has failed to furnish any explanation satisfactorily that why the stamp paper expenditure of Rs.10,119/- has been debited in interest account. Before the CIT(A), it was claimed that these expenses may be allowed as business expenses but the CIT(A) noted that the assessee has declared income from house property and interest income against which such expenses are not allowable. Since the assessee has failed to furnish necessary explanation, in the light of the fact, we do not find any infirmity in the order of CIT(A) on the issue. 6. The brief facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s explanation on this line and he also failed to furnish any documentary evidence that the amount of Rs.2 lakh has been duly incorporated in the books of account. Therefore, I treat this amount of Rs.2 lakh as income from undisclosed source of the assessee under section 68 of the Income Tax Act, 1961. Thus, there would be an addition of Rs.200000/- to the total income of the assessee." 7. The CIT(A) confirmed the order of A.O. observing that the assessee was giving varying explanation regarding loan transaction of Rs.2,00,000/- from Smt. Nidhi Agrawal. Despite being asked for, he has also not produced her for verification during the course of assessment proceedings. The assessee has failed to prove satisfactorily the creditworthiness of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.5,09,000/- 10. The A.O. calculated interest amount on these fresh loans account Rs.1,37,096/-. Thus, the total disallowance was made by the A.O. of Rs.6,87,096/- (Rs.5,50,000 + 1,37,096). The CIT(A) restricted the addition to the extent of Rs.5,09,000/- out of Rs.6,87,096/- made by the A.O. 11. We have heard the ld. Representatives of the parties. Before us, the ld. Authorised Representative demonstrated that the assessee has discharged the burden in this regard, identity, creditworthiness and genuineness of transactions by referring various pages of Paper Book which are as under :- S.No. Particulars Page No. (A) Smt. Saroj Jain 1 Affidavit of Smt. Saro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ok of Savita Jain 27-28 (E) Smt. Urmila Sharma 1. Confirmation letter filed by Urmila Sharma 29 (F) Smt. Nidhi Agarwal 1. Affidavit of Smt. Nidhi Agarwal 30-31 2. Photocopy of the bank passbook of Nidhi Agarwal 32-36 12. The above facts were not controverted by the ld. Departmental Representative. We find that the assessee has furnished sufficient material to discharge burden in this regard, identity, creditworthiness and genuineness of the transactions including bank balances out of which loans were given. Under the circumstances, the addition of Rs.5,09,000/- sustained by the CIT(A) is not warranted, theref ..... X X X X Extracts X X X X X X X X Extracts X X X X
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