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TMI Blog2011 (9) TMI 982X X X X Extracts X X X X X X X X Extracts X X X X ..... e ld. CIT(A) has erred in deleting addition of ₹ 42,90,000/- made by the AO on account of unexplained loans given to M/s Milk Special ities Ltd. 3. The facts of the case are that during the financial year 2005-06, the assessee had given a loan of ₹ 42,90,000/- to Mi lk Time Special ities Ltd. The assessee was asked to provide the bank statement from where the amount had been given. A perusal of bank statement shows that a number of deposit entries had been made before the loan was given. The assessee was asked to provide detai ls regarding the source of this loan given to the company as wel l as the deposits made in the bank account. The assessee, during the year had also received an amount of ₹ 42,90,000/- as loan from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs.Sukhwinder Kaur. It was intimated by the AO that the case was sti l l pending in scrutiny and the complete information regarding the agricultural income was not received. Thus, the identity has been proved but the persons creditworthiness and genuineness of loans was not proved by the assessee. In the absence of any evidence, this amount of ₹ 42,90,000/- was taken as unexplained cash credit u/s 68 of the Act and was taxed accordingly. 4. The CIT(A) deleted the addition of ₹ 42,90,000/- made by the AO. By making the fol lowing observations : I have careful ly considered the rival submissions. It was brought to the notice of the AO that assessments of the persons who have given loan were f ramed u/s 143(3) wherein agric ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , to make such loan to the assessee. A perusal of the copy of the bank account of Shri Charan Singh clearly reveals a uniform pattern of deposits of ₹ 5 lacs, on certain dates and immediate withdrawal of the same, which were not explained. The assessee has fai led to explain the nature and source of the loan amount of ₹ 35,90,000/- received from Shri Charan Singh. It is, further, added that the assessee has also received a loan of ₹ 7 lacs from Mrs. Sukhwinder Kaur, during the relevant period under consideration. The assessee has fi led incomplete copy of bank account whi le adducing evidence to justi fy the amount of ₹ 35,90,000/- as loan received from Shri Charan Singh. The assessee also f i led photo copy of ackno ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cision of Hon'ble Supreme Court in the case of Sri lekha Banerjee V CIT 49 ITR 112, the burden of proof was on the assessee which has not been discharged. In the case of Sumati Dayal V CIT (supra) , the Hon'ble Supreme Court stated that the claim of the assessee winning jackpots several times was contrary to the statistical theories and experience of the frequencies and probabilities. Therefore, the findings of the CIT(A), in respect of Shri Charan Singh are reversed. To this extent, the revenue succeeds in its Ground of Appeal . 6. As far as an amount of ₹ 7 lacs received by the assessee from Mrs. Sukhwinder Laur is concerned, the assessment order of the creditor for the assessment year 2006-07, passed on 30.12.2008, u/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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