9911796707
TMI Blog2014 (2) TMI 373X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 of the I.T. Act, 1961 without appreciating that the assessee failed to establish the credit worthiness of the loan creditor. (2) Whether on the facts, circumstances and in the law, the Ld. CIT(A) was justified in deleting the addition of Rs.35,00,000/* made by the Assessing Officer u/s.68 of the I.T. Act without appreciating the fact, that, the loan creditor was not a person of means and material, in as much as that the loan creditor had no substantial income/funds to advance such big amount of loan?" 2. The grievance of the Revenue in both the above noted grounds of appeal is regarding the deletion of the addition of Rs.35 lakhs which was made by the AO into the income of the assessee under section 68 of the Income Tax Act. The brief f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tworthiness of the said Mr. Abdul H. Gazdar, who has been a resident of United Kingdom (England). Since the assessment particulars and creditworthiness of Mr. Abdul H. Gazdar, a resident of UK (England) was not proved, hence the AO taxed Rs.35,00,000/- in the hands of the present appellant company under section 68 of the Act. 3. In appeal, the ld. CIT(A) observed that said Mr. Aamir Gazdar had duly explained the source of money in his hands. Even he had also proved the source of money at the hands of his creditor Mr. Abdul H. Gazdar, resident of UK (England). Not only the confirmation letter from the said Mr. Abdul H. Gazdar but his duly signed affidavit was also produced before the AO. It was also explained by the said Mr. Abdul H. Gazdar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oved on the file. The ld. CIT(A) thus observed that the assessee had successfully explained the name, complete addresses, identity, PAN details, credit worthiness and genuineness of transactions between the assessee company and its immediate creditor Mr. Aamir Gazdar. The said creditor Mr. Aamir Gazdar had further explained the source of money by way of loans, gifts received from various persons whose PAN, income details had been furnished. He further observed that the assessee company could not be forced to adduce more evidence which was beyond the control of the assessee company. He therefore deleted the additions so made by the AO. 4. We have heard the ld. representatives of both the parties and have also gone through the records. The l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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