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TMI Blog2014 (7) TMI 334X X X X Extracts X X X X X X X X Extracts X X X X ..... et as partners - nothing has been brought on record by the Assessee to contradict the findings of AO and CIT(A) – thus, there was no reason to interfere with the order of CIT(A) – Decided against Assessee. - I.T.A. No. 77/AHD/2011 - - - Dated:- 13-6-2014 - Shri D. K. Tyagi, J. M. And Shri Anil Chaturvedi, A.M.,JJ. For the Appellant : None For the Respondent : Shri J. P. Jhangid, Sr. D.R. ORDER Per Shri Anil Chaturvedi,A.M. 1. This appeal is filed by the Assessee against the order of CIT(A)-XV, Ahmedabad dated 16.11.2010 for A.Y. 2007-08. 2. None appeared on behalf of the Assessee, however an adjournment application was submitted but the same was rejected and the case was decided on merits ex-parte qua the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. During the course of assessment proceedings, A.O noticed that Assessee had taken unsecured loan from various parties. The Assessee was asked to substantiate the claim by furnishing confirmations, proof of identity and creditworthiness of the transactions. In the case of Kesha Construction, Assessee produced proprietor Shri Ronak Trivedi and his statement was recorded u/s. 131 of the Act wherein he stated that he has not filed his return of income since long and he was also unable to prove the source of income from which he made loan to Assessee of ₹ 31,00,000/- A.O therefore concluded that the creditworthiness of the lender has not been proved under section 68 of the Act. He further concluded that Assessee introduced its unexplain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also and appeared before the ITO on behalf of Kesha Construction the creditor in response to the summons issued to Kesha Construction. Kesha Construction thus emerges as another, name in which the same four partners operate in the same line of business that is real estate and construction . Before the AO Shri Ronak D Trivedi informed.that he was not filing his returns and neither could he inform about the source of loan extended of ₹ 31,00,000 to Raj Corporation. Kesha Construction informs that it has received the amounts from Kesha Developers. Interestingly Kesha Construction is left with very meager balances after lending the amounts to Raj Corporation. Poor Kesha Construction lends the same amounts it receives from Kesha Developers ..... X X X X Extracts X X X X X X X X Extracts X X X X
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