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TMI Blog2014 (1) TMI 244X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee had also produced the evidences of the amount received by the creditor from M/s Karush Auto Pvt.Ltd. and also from maturity of LIC policies of the creditors - The assessee has proved the identity and creditworthiness of the creditor as well as the genuineness of the transaction - Decided against Revenue. - ITA No. 5261/Del/2012 - - - Dated:- 3-1-2014 - Shri G. D. Agrawal And Shri I. C. Sudhir,JJ. For the Appellant : Smt. Renuka Jain Gupta, Sr. DR. For the Respondent : Shri Sandeep Ahuja, Advocate. ORDER Per G. D. Agrawal,VP : This appeal by the Revenue is directed against the order of learned CIT(A)-XII, New Delhi dated 10th July, 2012 for the AY 2008-09. 2. The only ground raised by the Revenue reads as under:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd reports from the Assessing Officer in which the Assessing Officer did not controvert the explanation/evidence furnished by the assessee before the CIT(A). Therefore, he rightly deleted the addition. In this regard, he referred to his reply before the learned CIT(A) dated 10th July, 2012. 5. We have carefully considered the submissions of both the sides and perused the material placed before us. From a perusal of the assessee's reply dated 10th July, 2012, it is evident that the assessee has given detailed explanation in respect of the amount received from each creditor on each and every date. Further supporting evidences in this regard were also submitted. From the order of learned CIT(A), it is evident that the CIT(A) called the reman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther unsecured loan of Rs.7,50,000/- from Ms. Kaitaki Kumari Marwah. The details of the payment with their sources have already been explained that she has received cheque on maturity of LIC and interest accrued in bank. Copy of ledger a/c in the books of account of SPL Engg. Pvt.ltd., copy D.D. received from LIC of India, bank statement have also been filed. Further the assessee has granted unsecured loan of Rs.19,38,820/- from Mrs. Manju Kumari Merwah. This amount of Rs.19,38,820/- includes Rs.18,75,000 received through account payee cheques drawn on Punjab National Bank (S/B A/c No.132527) and Rs.63,820 as 2 months Directors Remuneration credited to her account. All the payments are duly reflected in the bank statements. Copy of ledger a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the assessee is required to prove the identity and creditworthiness of the creditor and the genuineness of the transaction, is correct. However, in this case, the CIT(A) has found that the assessee has duly discharged the onus to prove the cash credit lying in its books of account. Apart from all the creditors being assessed to tax, the assessee has explained the source of each and every amount paid by the creditor. Most of the amounts paid by the creditor were after receiving the same from Karush Auto Pvt.Ltd. and from the maturity of LIC policy except one amount which is received out of the sale consideration of the commercial property sold by Rahul Kumar Marwah. The assessee had also produced the evidences of the amount received by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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