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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 ..... p paper expenditure of Rs.10119/- without any basis and the learned CIT(A) also failed in confirming the same. 2. That the learned A.O. erred in adding Rs.2,00,000/- u/s. 68 in the name of Nidhi Agrawal although the affidavit copy of bank statement, copy of IT return were submitted before the learned A.O. The learned CIT(A) also erred in confirming the same. 3. That the learned CIT(A) erred in confirming the addition made by learned A.O. of Rs.5,09,000/- on A/c of credits of the said party although the copy of IT return filed, affidavit, Bank Segment etc. were submitted to prove the genuineness of the said creditors. The confirmation of addition is entirely wrong." 3. The brief facts of the case are that the assessee derived income from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entry was not found. The A.O. made addition of Rs.2,00,000/- as under :- (Page nos.3 & 4) "The explanation of the assessee is vague in the light of the fact that the amount of Rs.2 lakh to have been given to Shri Sanjay Gupta as mentioned in the Pass Book of the lady was debited in her Pass Book on 2nd Dec., 2005. It means, the loan was given during the assessment year 2006-07, not in assessment year 2005-06 as mentioned in the reply. Further, no repayment during the year has been shown by the assessee. Hence, there should be closing balance of Rs.2 Lakh in the balance sheet prepared as on 31.03.2006 whereas in the balance sheet credit in the name of Smt. Nidhi Agrawal has been shown only at Rs.1 lakh. Thus, it is clear that the loan appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is that the loan was given on 02.12.2005 through banking channel. This fact is supported by an affidavit of depositor and her bank account of which copies have been placed at page no.30 to 35 of Paper Book. On perusal of bank account, we noticed that the assessee has proved the creditworthiness of depositor as there was sufficient bank balance out of which the loan was given. The identity and genuineness of the transactions are also proved. Thus, the assessee discharged the burden in this regard. Under the circumstances, addition of Rs.2,00,000/- is not warranted. Therefore, the same is deleted. 9. The brief facts of third ground which is pertaining to addition of Rs.5,09,000/- are that during the assessment proceedings the A.O. noticed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... achin Jain for A/Y 2006-07 13 4 Photocopy of the bank passbook of Sachin Jain 14-15 (C) Shri Vijay Jain 1 Affidavit of Sh. Vijay Jain 16 2 Photocopy of the PAN No. in the case of Vijay Jain 17 3 Acknowledgement slips for filing of the returns by Vijay Jain for A/Y 2006-07 18 4 Photocopy of the bank passbook of Vijay Jain 19-20 (D) Smt. Savita Jain 1 Affidavit of Smt. Savita Jain 21 2 Acknowledgement slips for filing of the returns by Savita Jain 22-24 3 Affidavit of Smt. Savita Jain filed before Income Tax Officer 25 4 Photocopy of the PAN No. in the case of Savita Jain 26 5 Photocopy of the bank passbook of Savita Jain 27-28 (E) Smt. Urmila Sharma 1. Confir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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