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TMI Blog2014 (1) TMI 915X X X X Extracts X X X X X X X X Extracts X X X X ..... neshwari Krupa Trading - Relying upon CIT Vs. Nipun Builders and Developers Pvt. Ltd. 2013 (1) TMI 238 - DELHI HIGH COURT] - creditworthiness of the shareholders/ deposits and other aspects noted above needs to be examined afresh – Matter remitted back to the AO for fresh adjudication – Decided in favour of Assessee. - ITA No 479/Ahd/2010 - - - Dated:- 5-7-2013 - Shri Mukul Kr. Shrawat J.M. And Shri Anil Chaturvedi, A.M.,JJ. For the Appellant : Shri T. Sankar, Sr. D.R. For the Respondent : Shri Sakar Sharma A.R. ORDER Per Shri Anil Chaturvedi,A. M. 1. This appeal is filed by the Revenue against the order of CIT(A)-1, Baroda dated 29.10.2009 for assessment year 2005-06. 2. The facts as culled out from the order of low ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 15 depositors, Assessee submitted PAN numbers and confirmations from three parties. Assessing Officer noticed that the balance twelve depositors were not assessed to tax and the main source of their income was claimed to be from agriculture. Assessing Officer after considering the amounts deposited and the land holding of depositors, concluded that their holding of agriculture land was very less even for the maintenance of family. He further noted that the addresses of the depositors was in Taluka Harij District Patan but the photo copies of the pass books showed that the accounts of the depositors were in Baroda. He thus concluded that the Assessee has not proved the creditworthiness and the genuineness of the transaction and therefore t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evidences filed as above and also the fact that the amount was repaid through banking channels subsequently, I am of the opinion that the assessee had discharged its onus of primafacie establishing the identity and creditworthiness of the loan givers as well as the genuineness of the transactions. Accordingly, the aggregate addition of Rs. 1,22,22,280/- is directed to be deleted. 6. Aggrieved by the aforesaid order of CIT(A) Revenue is now in appeal before us. 7. Before us in the written submissions the ld. D.R. submitted it is submitted that the funds received through banking channels do not indicate the genuineness of transactions. He further submitted that CIT(A) had admitted fresh evidence in the form of copies of bank account and o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he learned D.R. further submitted that the assessee had not given the details of terms of cash credit, rate of interest, agreement etc. for all the loan taken by assessee. The learned D.R. thus submitted in view of the aforesaid facts the order of Assessing Officer be upheld and in the alternate the matter may be sent back to CIT(A) for deciding the issue afresh. The learned A.R. on the other hand submitted that the Assessee had submitted name address PAN details (wherever available). He further submitted that all the loan creditors were existing shareholders of the Assessee and therefore the identity was proved and further all the credits were by account payee cheques. He placed reliance on the decision of Rohini Builders 256 ITR 360. He t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ude information that will prima facie satisfy the Assessing Officer about the creditworthiness. Mere furnishing of the deposits in the accounts may not meet the requirements of section 68". 11. In view of the aforesaid facts, we are of the view that creditworthiness of the shareholders/ deposits and other aspects noted above needs to be examined afresh. We therefore remit the issue back to the file of Assessing Officer to decide the issue afresh after considering the submissions made by the Assessee and after giving a reasonable opportunity of hearing to both the parties. Thus this appeal of the Revenue is allowed for statistical purposes. 12. In the result the appeal of the Revenue is allowed for statistical purposes. Order pronounce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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