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TMI Blog2014 (2) TMI 373X X X X Extracts X X X X X X X X Extracts X X X X ..... f loans, gifts received from various persons whose PAN, income details had been furnished - the assessee company could not be forced to adduce more evidence which was beyond the control of the assessee company - The CIT(A) has held that the assessee company has not only proved the genuineness of the transaction but also the credit worthiness and source of money of its creditor Mr. Aamir Gazdar and also further confirmations as of loan as well as genuineness of transaction of the source of creditor of creditor namely Mr. Abdul H. Gazdar – there was no infirmity in the order of the CIT(A) – Decided against Revenue. - ITA No.3009/M/2012 - - - Dated:- 31-1-2014 - Shri D. Karunakara Rao And Shri Sanjay Garg,JJ. For the Petitioner : Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ils of the said Mr. Aamir Gazdar. However, he decided to summon the said Mr. Aamir Gazdar. The said Mr. Aamir Gazdar attended before the AO as a creditor and his statement on oath was recorded on 9.12.2010. The said Mr. Aamir Gazdar admitted before the AO that he had advanced a sum of Rs.35,00,000/- in the accounting year relevant to the Assessment Year 2008-09 to the assessee company. The AO went a step further and decided to examine the source of money in the hands of the said creditor. The said creditor explained that the sources of the aforesaid Rs.35,00,000/- was gifts received from his own elder brother namely Mr. Abdul H. Gazdar. He furnished full particulars of the money received from said Mr. Abdul H. Gazdar and also about other lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts were also submitted during the remand proceedings and also during the reassessment proceedings. The ld. CIT(A) thus observed that the submission of bank statements where the gifts were reflected and other evidences submitted by the assessee were sufficient and reasonable evidences to prove the receipt of gifts by Mr. Aamir Gazdar from his brother Mr. Abdul H. Gazdar which was further advanced by said Mr. Aamir Gazdar to the assessee company. So far the treasury details relating to the source of money of creditor of creditor i.e. Mr. Abdul H. Gazdar was concerned, it was observed that the said Mr. Abdul H. Gazdar was an old man and the other information sought was not available at the point of time with the assessee. The AO was seeking e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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