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TMI Blog2014 (9) TMI 827X X X X Extracts X X X X X X X X Extracts X X X X ..... tiles to the file of the AO and directed him to verify the submissions of the assessee - the Tribunal on the basis of genuine and substantial documents, which have been adduced by the respondent and on the strength thereof, has believed the transaction of ₹ 30 lacs to have been entered into with M/s Elegant Diamond Company – since, all the three requirements have been duly satisfied, there is no reason to interfere in the order of the Tribunal – Decided against revenue. - Tax Appeal No. 678 of 2014 - - - Dated:- 20-8-2014 - Harsha Devani And Sonia Gokani,JJ. For the Appellant : Mr. Sudhir M. Mehta For the Respondent : Mr. Manish J. Shah ORDER (Per : Honourable Ms. Justice Sonia Gokani) 1. Following are the sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n account of disallowance of claim of deduction under section 80JJA of the Act to the tune of ₹ 28.42 lacs (figures rounded up). 4. Aggrieved, the assessee challenged the same before the Commissioner of Income Tax, who dismissed the appeal of the assessee. The Commissioner (Appeals) was of the opinion that merely because the transactions are routed through the bank, the same would not be sufficient compliance. By giving detailed reasoning, it concluded that no error is committed by the Assessing Officer in making addition of ₹ 33.34 lacs as unexplained cash credit. With regard to the second addition of ₹ 28,42 lacs also, it concurred with the findings of the Assessing Officer. 5. Aggrieved by such decision, the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income and a copy of his passbook, however, in absence of confirmation filed before it, it deemed it fit to grant opportunity to the assessee to substantiate such facts before the Assessing Officer and remitted the matter with respect to Om Textiles to the file of the Assessing Officer and directed him to verify the submissions of the assessee. Neither side has any dispute with regard to such remission on the part of the Tribunal. 9. However, with regard to the loan received from M/s Elegant Diamond Company, the Tribunal has noted the receipt of copy of confirmation of accounts containing the details of phone number and the PAN card details of the creditors. Copy of return of income and the bank book of the said company also were found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the department to confirm not only the genuineness of the transactions, but also the details of proof of identity of creditors and the capacity of the creditors to lend such amounts. The respondent - assessee having thus discharged the initial proof of the identity, capacity and the genuineness of the creditors, with the substantiating documents, we see no reason to interfere with the order of the Tribunal, whereby it has held that the initial onus cast upon the assessee has been duly discharged. 11. Learned counsel Mr. Mehta has sought to rely upon the decision of the Andhra Pradesh High Court in the case of Gayathri Associates v. Income-tax Officer, Hyderabad, (2014) 41 taxman.com 526 and the principles laid down in various judici ..... X X X X Extracts X X X X X X X X Extracts X X X X
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