9911796707
TMI Blog2014 (5) TMI 619X X X X Extracts X X X X X X X X Extracts X X X X ..... loan. 2. The assessee is engaged in the business of trading of semi-finished coxcial cable, PVC wrappers and wax jelly. During the year under consideration, the assessee has taken unsecured loans of of Rs. 6,00,000/- from M/S Arham Commercial Corp., Rs. 9,00,000/- from M/S Kiran Enterprises, Rs. 3,50,000/- from M/s Unnati Enterprises, Rs. 10,00,000/- from Deepak Gupta, Rs. 2,25,000/- from Sunil Kr. Jain, HUF and Rs. 1,50,000/- from Reena Jain. Vide questionnaire dated 09.01.2009 and order sheet entry dated 20.10.2009, the assessee was asked to establish identity of the creditors, genuineness of transactions and creditworthiness of the creditors in respect of new unsecured loans/deposits accepted during the year including the squared up acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In the mean while notice u/s 131 were also sent to the concerned parties for filing the confirmations. That the copies of confirmations of the concerned parties are enclosed herewith in annexure- 8..... ....out of the above said three parties, two of them are related to each other and had shifted to Rajasthan long back ago. Further our relations with all the above said parties are not too good as they were nearly 3 years back. So the delay in gathering and filing the confirmations is deeply condoned. In case your goodself require us to file the affidavits from the said parties, which can be filed in due course but will take nearly one week. So we are filing copy of confirmation along with copy of their ITR's and Bank statements of:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s Arham Commercial Corporation, M/s Kiran Enterprises, and M/s Unnati Enterprises respectively., therefore, the Assessing Officer exercised its power u/s 131 of the IT Act, to call the witness and examine them, therefore the Assessing Officer has discharged its onus in the present case. 7. It has been observed by the Assessing officer that in the present case, the assessee did not furnish the copy of bank statements of creditors from which amount/loan has been taken by the assessee, explaining the source of credit entries there, was filed in respect of remaining creditors except Deepak Gupta; Sunil Kr. Jain HUF and Reena Jain, from whom it had taken loans of Rs. 10,00,000/-; Rs. 2,25,000/- and Rs. 1,50,000/- respectively. 8. It was in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) in deleting the additions wrongly made, does not call for any interference at all. 12. We have heard the parties and have perused the material on record. The ld. CIT (A) has found that the fact that the identity of the lenders in the cases of Shri Deepak Gupta, Ms Reena Jain and Shri Sunil Kumar Jain, HUF, stood established, since the assessee had filed copies of their income-tax returns along with their confirmed account statements before the AO. This evidence was not disproved by the AO. From these documents, it was found that the creditors were duly identified. Also, their confirmations were available before the AO. Bank statements of the lenders were produced before and examined by the Ld. CIT (A). These were not filed before the AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as unexplained only because their confirmations, ITRs and bank statements had been posted from the nearest Speed Post centre, the confirmations were in the same hand and they contained similar/same recitals, which, according to the AO, was not possible. However, the factum of the assessee having duly identified the lenders and that of the assessee having proved the loans to be genuine, by filing the aforesaid primary details before the AO, was nowhere rebutted by the AO. The contents of the confirmations issued by the creditors and their bank statements also remained unquestioned by the AO. Too, the factum of the assessee having deducted TDS on the interest of the loans and having repaid the loans, as noted hereinabove, also remains undisp ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
