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TMI Blog2014 (2) TMI 840X X X X Extracts X X X X X X X X Extracts X X X X ..... - 1-1-2014 - Shri B. Ramakotaiah And Smt. Asha Vijayaraghavan,JJ. For the Petitioner : Shri S. Rama Rao For the Respondent : Shri P. Somasekhar Reddy ORDER Per Bench: These appeals by Assessee are directed against the orders of CIT(A)-III, Hyderabad. Since identical issues are involved, these appeals were clubbed and heard together and, therefore, we dispose of these appeals by way of this consolidated order. 2. There was a delay of three days in filing these appeals and to this effect Assessee filed a petition requesting for condonation of delay. Assessee also filed an affidavit affirming the reasons for the delay mentioned in the petition for condonation of delay. After hearing the parties and perusing the record, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... numbers. The sources were explained as agricultural income. It is further stated that he owns five acres of agricultural land situated at Siva Nagar Camp, Bagalwada villae, Manvi Talug, Raichur District, Karanataka. He also stated that he is cultivating another eight acres of agricultural land on lease and his net agricultural income per annum from the above source would be Rs. 1,00,000/- and from out of the agricultural savings he advanced the monies to the Assessee through demand drafts. 2. G. Rama Rao (Rs.2,00,000): Confirmation letter was filed by Sri G. Venkat Rao, s/o G. Rama Rao on behalf of G. Rama Rao as the latter died in an accident. He is the legal representative of the deceased. He stated that they own four acres of agricult ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acres of agricultural land at Bommuru village in Rajahmundry which she gave on lease. He annual income from the above source is Rs. 90,000/- and from out of the savings, she advanced an amount of Rs. 2,94,000/- to Assessee through demand draft. 6. Sri M. Venkataratnam (Rs. 2,00,000/-): A confirmation letter was filed by M. Satyavathi on behalf of M. Venkataratnam wherein she stated that an amount of Rs. 2,00,000/- was advanced by M. Venkataratnam to Assessee through demand drafts in the FY 2003-04. 7. Sri M. Venkat Rao (Rs. 1,93,000/-): Confirmation letter was filed by Sri G. Venkat Rao, He stated that he owns two acres of agricultural lands in Tapeswaram village in East Godavari District and in addition to that he is cultivating agr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is consequential in nature. 11. As regards ground Nos. 2 to 9 pertaining to cash credits, the AO made additions towards unexplained credits made u/s 68 of the Act in respect of unsecured loans, even though, Assessee filed confirmation letters from the said persons, on the ground that they have not proved their creditworthiness by filing sufficient documentary evidence. 12. On appeal, before the CIT(A) it was submitted that Assessee had provided each creditor s address and his source of income for advancing such amounts to him, therefore he had discharged the onus to prove the credit in each case. After considering the submissions, the CIT(A) confirmed the additions made by the AO u/s 68 of the Act. 13. Before us the learned counsel re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tural savings he advanced the monies to Assessee through demand drafts. 4. Sri M. Venkat Rao (Rs. 49,000/-): Confirmation letter was filed by Sri G. Venkat Rao, he stated that he owns two agricultural lands in Tapeswaram Village in East Godavari District and in addition to that he is cultivating agricultural lands of 8 acres on lease at Tapeswaram Village. He further stated that his annual income from the agricultural source would be about Rs. 1,50,000/- and from out of the agricultural savings, he advanced Rs. 49,000/-, on 24-09-2004 through demand draft No. 804136. 5. Sri G. Sashibhushan (Rs. 1,96,000/-): Confirmation letter was filed by Sri G. Sashibhushan, he stated that he advanced Rs. 1,96,000/- to Assessee from out of his retirem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the advance are stated to be that he is running a Typewriting Institution by name Sri Vijayalakshmi Type Institute at Nalamvari Veedhi in East Godavari District. It is further stated that his wife is having 1 acre coconut garden at Yedida village in East Godavari District. 14. The learned DR, however, supported the orders of AO and CIT(A). 15. We have heard both the parties and perused the record. We find that Assessee has demonstrated before the lower authorities and even before us the identity and creditworthiness of the creditors and genuineness of the transactions as the transactions done through banking channel. Moreover, Assessee repaid the loans taken by him from the said creditors. There is also no incriminating material in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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