9911796707
TMI Blog2015 (6) TMI 706X X X X Extracts X X X X X X X X Extracts X X X X ..... the cash credit introduced. This finding is not controverted by the Revenue by placing any material to disproving the same. Since this issue is well settled by various judicial pronouncements in the case of cash credits, the assessee has to establish identity of the creditors, the creditworthiness of such creditor and the genuineness of the transaction. In this view of the matter, we do not find any infirmity into the order passed by Ld. CIT(A). - Decided against revenue. Disallowing the interest paid on unsecured loan - CIT(A) deleted the addition - Held that:- The fact that amount of ₹ 1.15 crores was the opening balance of loans taken from the financial year 2005-06 onwards and the same was never considered as unexplained credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and disallowance of interest paid to various depositors. The assessee feeling aggrieved by this order filed appeal before Ld. CIT(A), who after considering the submissions of assessee partly allowed the appeal of the assessee. 3. Now, Revenue has filed appeal before the Tribunal. 4. First ground relates to deletion of addition made on account of unexplained cash credit u/s. 68 of the Act. Ld. DR of the Revenue supported the order of Assessing Officer and strongly argued that Ld. CIT(A) erred in deleting the addition made u/s. 68 of the Act. On the contrary, Ld. Authorized Representative of the assessee submitted that order of Ld. CIT(A) is justified and he submitted that assessee has discharged onus by proving the identity, creditwor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this view of the matter, we do not find any infirmity into the order passed by Ld. CIT(A). Hence, this ground of Revenue is dismissed. 6. Next ground relates to the deletion of ₹ 16,20,242/- made on account of interest paid on unsecured loan. Ld. DR of the Revenue strongly argued that the order of Ld. CIT(A) is not justified. He submitted that Assessing Officer has rightly disallowed the claim. He submitted that the AO has observed that the ample opportunities were given to assessee to produce those persons but despite giving opportunities, assessee could not produce the depositors. He submitted that AO has rightly observed that merely filing of confirmations and copy of return of depositors do not serve the purpose until and unles ..... X X X X Extracts X X X X X X X X Extracts X X X X
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