9911796707
TMI Blog2015 (10) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... letion of addition of amount received from Megh Mayur Reality Pvt. Ltd., CIT (A) has held that the entry is from sale of land and is fully explained. We however find that apart from other details which could support the findings of Ld. CIT (A) the translated copy of sale deed is not on record. With respect to loan of ₹ 2,00,50,000/- from Dhirubhai Savani, on pursing the copy of Balance sheet of Dhirubhai Savani, which has been placed at page 31 of the paper book, it is seen that the amount is stated to be receivable from “Pravinbhai M. Patel”. There is no material on record to show that whether Pravinbhai M. Patel that is reflected in the Balance sheet of Dhirubhai Savani refers to the assessee or it refers to some other person. Consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore us and has raised various grounds of appeal which were later on concised and the concise grounds reads as under:- 1. The Ld. CIT (A) has erred in law and on facts in deleting the addition of ₹ 39,52,05,409/- made on account of unexplained cash credits by accepting the genuineness and creditworthiness of loan creditors. 2. The Ld. CIT(A) has erred in law and on facts in accepting the creditworthiness of these loan creditors even when the assessee did not give any details about the loans taken and sundry creditors of these loan creditors which would have explained the sources of loans given to the assessee and established the creditworthiness of the loan creditors. 3. The Ld. CIT (A) has erred in law and on facts in not co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us occasion to which Ld. D.R. submitted that she was not aware as to whether the assessee has paid the cost as directed by the co-ordinate Bench. On perusal of the records, we find that the order of the Bench dt. 17-3-2015 (with respect to imposing cost of ₹ 1,000/- and it being the last adjournment) was communicated to the assessee by the Registry. Before us the assessee has not placed any evidence of payment of the cost imposed by co-ordinate Bench nor any adjournment application has been filed, which shows the apathy of the assessee towards the judicial proceedings. In view of the aforesaid facts and the approach of assessee, we proceed to dispose of the appeal exparte qua the assessee on the basis of submissions of Ld. D.R. and ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in the case of CIT vs. Rohini Builders reported at 256 ITR 360, held as under: Cash credit assessee furnished complete addresses of all the creditors along with GIR numbers/PAN as well as confirmations alongwith copies of assessment orders passed in the cases of individual creditors, wherever available and copies of returns filed by the creditors in the remaining cases- all loans were received and repaid by assessee by account payee cheques alongwith interest Tribunal deleted the addition- No substantial question of law arises. Further, in the case of Aravali Trading Co. vs. ITO 220 CTR 622, the Hon ble Rajasthan High Court held, Income cash credit-once the existence of the creditors if proved and such persons own the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted. 8. Before us the Ld. D.R. pointed to the various observations of A.O. and supported the order of A.O. and further submitted that the loan creditors were not creditworthy as all of them have very low capital and net profit on one hand and unusual high sundry creditors, debtors, unsecured loans taken and given on the other hand. It was further submitted that assessee did not produce all loan creditors before the A.O. and further submitted that it is for the assessee to prove the identity of the creditors, their creditworthiness and genuineness of the transactions which the assessee has failed. She thus supported the order of the A.O. 9. We have heard the Ld. D.R. and perused the material on record. On perusal of the paper book t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Co., of which assessee is a partner and that the amount of credit is fully explained and is only a book entry. However before us no material in the form of evidence like copies of bill, ledger account as appearing in their respective books etc. has been placed on record by assessee which could get support to the findings of Ld. CIT (A). Similarly in respect of deletion of addition of amount received from Megh Mayur Reality Pvt. Ltd., CIT (A) has held that the entry is from sale of land and is fully explained. We however find that apart from other details which could support the findings of Ld. CIT (A) the translated copy of sale deed is not on record. With respect to loan of ₹ 2,00,50,000/- from Dhirubhai Savani, on pursing the cop ..... X X X X Extracts X X X X X X X X Extracts X X X X
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