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TMI Blog2013 (6) TMI 659X X X X Extracts X X X X X X X X Extracts X X X X ..... 12 - - - Dated:- 14-6-2013 - Shri S. V. Mehrotra And Shri A. D. Jain,JJ. For the Petitioner : Shri Anil Sharma, Advocate For the respondent : Shri Satpal Singh, Sr. DR ORDER Per A. D. Jain, Judicial Member This is an appeal filed by the department for Assessment Year 2004-05 against the order dated 01.08.2012 passed by the CIT (A)-XV, New Delhi, contending that the Ld. CIT (A) has erred in deleting an addition of Rs. 13 lac correctly made u/s 68 of the IT Act in respect of alleged unsecured loans. 2. The facts are that information was received from the Investigation Wing that the assessee had taken accommodation entries from RDP Finance Pvt. Ltd., amounting to Rs. 8 lac and from Aglow Financial Services Pvt. Ltd., amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the entry providers only at the time of receiving the credits, rendering the stand taken by the assessee to be unacceptable; that it thus stands proved that the assessee had received the cheques amounting to Rs. 15 lac through transactions which were, in fact, not at all real transactions; that neither the genuineness of the transactions, nor the credit worthiness of the creditors was proved and so, the onus lying heavy on the shoulders of the assessee never got discharged and that in these facts, the order of the Ld. CIT (A), being unsustainable in law, be set aside and that passed by the Assessing Officer be restored while allowing the appeal field by the department. 5. The ld. counsel for the assessee, on the other hand, has placed str ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are regularly filing their returns of income even as late as upto Assessment Year 2011-12. Besides, the Ld. CIT (A) also observed that the Assessing Officer did not carry out any inquiry on the detailed documentary information and details, as above, furnished by the assessee, nor was this voluminous documentary evidence shown to be fabricated or ingenuine. So much so, even no remark was recorded by the Assessing Officer as adverse to all this material brought on record, thus, rendering the assessment order a result of complete misreading and non-reading of material brought on record, basing his decision on no tangible material other than just the information passed on by the Investigation Wing of the Department. Even the confirmations filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is in fact the assessee's own undeclared money ploughed back. 8. It was under similar circumstances that the Tribunal, vide its order (supra) dated 15.02.2013, in the department's appeal for Assessment Year 2003-04 in the assessee's case, upheld the deletion by the Ld. CIT (A) of the addition of Rs. 24 lacs, representing alleged unexplained cash credits of the assessee, including an amount of Rs. 5 lac from RDP Finance Pvt. Ltd. and an amount of Rs. 7 lac from Aglow Financial Services Pvt. Ltd., both creditors of the assessee in the year under consideration also. The Tribunal observed as follows:- "7. We find that assessee has submitted proper documents credentials before the authorities below. The assessee has taken the loans from ba ..... X X X X Extracts X X X X X X X X Extracts X X X X
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