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TMI Blog2014 (1) TMI 922X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee. - ITA No. 9072/Mum/2010 - - - Dated:- 8-7-2013 - Shri D. Manmohan And Shri D. Karunakara Rao,JJ. For the Appellant : Shri Vijay Shankar For the Respondent : None ORDER Per D. Manmohan, V. P. This is an appeal filed at the instance of the Revenue and it pertains to A.Y. 2006-07. Though notice was sent to the assessee by RPAD, which was duly acknowledged, none appeared on behalf of the assessee. We, therefore, proceed to dispose of the appeal exparte, qua assessee. 2. The following grounds were urged by the Revenue: - "i) On the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in deleting the addition of Rs. 14,60,876/- made by the Assessing Officer on account of unexplained cash cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regard to the additional loan of Rs. 4,92,176/- the AO brought to tax the unexplained cash credit under section 68 of the Act. 5. Aggrieved, assessee contended before the first appellate authority, vide statement of facts, that during the financial year 2005-06 the assessee introduced capital of Rs. 9,68,700/- from his personal source. In the grounds of appeal it was merely submitted that the AO failed to appreciate the details submitted in relation to the capital introduced of Rs. 9,68,700/-. Before the learned CIT(A) it was contended that the assessee availed the loan by account payee cheque from one Chandrakant S. Shah, HUF to the extent of Rs. 9.25 lakhs, which was routed through the bank account of the assessee and again this amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g this year the same were netted and, therefore, there was increase in unsecured loan .....". He also observed that the AO had not indicated on which date he required the appellant to furnish details and asserted that the appellant received loan of Rs. 10 lakhs by account payee cheque and even as per the capital account an amount of Rs. 9,25,000/- was received. 8. From a reading of paras 4.2 and 4.3 it is not very clear whether the assessee had taken loan or whether the assessee had given loan, which would definitely highlight that the learned CIT(A) has not applied his mind to the factual matrix of the case. Presumably, the loan of Rs. 10 lakhs was in connection with the addition of Rs. 4,92,176/- and the loan of Rs. 9.25 lakhs was to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The learned D.R. adverted our attention to the order passed by the learned CIT(A) to submit that an overall reading of the order gives an indication that the learned CIT(A) assumed that the initial onus is upon the Revenue to prove the identity, genuineness and creditworthiness of the transaction overlooking the fact that the initial onus is on the assessee to prove that all the three ingredients are fulfilled whereas, in the instant case, it is not very clear as to how the so called loan of Rs. 9.25 lakhs taken from Chandrakant S. Shah, HUF can explain the source of Rs. 9,68,700/- particularly when there is no discussion by the learned CIT(A) with regard to the balance amount. Similarly, he also highlighted the confusion created with reg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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