9911796707
TMI Blog2015 (11) TMI 485X X X X Extracts X X X X X X X X Extracts X X X X ..... que numbers, name of parties, all tally and, therefore, there was no reason to doubt the genuineness of these transactions. The assessee has filed the ledger account of assessee in the books of Rattan Diesels which clearly show that it is an old loan given by assessee to Rattan Diesels on which interest was regularly earned by assessee. Further, the AO has assessed the interest income received from Rattan Diesels in the hands of assessee and, therefore, the genuineness of the deposits in the accounts of assessee as refund of loan could not be doubted. Similarly, in respect of Nishant Bansal, all the details are tallying in respect of bank a/c of Nishant Bansal with the bank a/c of assessee including instrument number. However, wherein ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uired the assessee to explain the source and nature of such credits with supporting documents. No details were furnished before the AO. The AO completed the assessment after making addition of ₹ 5,50,000/- in respect of following unexplained credits in the bank account: Date Amounts (In Rs.) 10-07-2008 1,50,000/- 23-08-2008 2,00,000/- 11-02-2009 2,00,000/- Total 5,50,000/- 4. Before ld. CIT(A) the assessee explained that it had a running balance in her deposit account with M/s Rattan Diesels, Agra. The copy of account of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of account of Nishant Bansal and Ankit Agarwal were also filed before ld. CIT(A). 5. Ld. CIT(A), however, did not accept the assessee s contention, inter alia, observing as under: It is observed that Rattan Diesels is supposed to be (as per AR) proprietary concern of one Mr. Rajendra Mittal. However. the letter head does not mention anything. about status of the entity. Further, the AR was unable to inform who this Raiendra Mittal was and what We S his relation to the assessee. The documents do not show any PAN 'No. of [his person named Rajendra Mittal who is supposed (0 be the proprietary of M/s Rattan Diesels. I also note here that in one of the photocopies one Mr. Rajendra Mittal has signed as proprietor of Rattan Diesels. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wal and Shri Nishant Bansal had been assessed to tax. He referred to page 41 of PB, wherein the bank a/c with the Federal Bank Ltd. of assessee is contained bearing account no. 12120100102799, wherein there are three impugned deposits of ₹ 1,50,000/- (instrument no. 926499) on 10-7-2008; ₹ 2,00,000/- (instrument no. 45669) on 23-8-2008; and ₹ 2,00,000/- (instrument no. 59) on 11-2-2009. 7. He further referred to page 34 of the PB, wherein the statement of a/c of assessee as on 31-3-2009 in the books of Rattan Diesel is contained to demonstrate that Rattan Diesels had issued the cheque of ₹ 1,50,000/- on 9-7-2008 and the cheque of ₹ 2,00,000/- on 22-8-2008 in favour of assessee. 8. Ld. counsel further refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m assessee, out of which ₹ 2,00,000/- was returned on 10-2-2009, which amount was credited to the account of assessee. 13. In the backdrop of these evidences, ld. counsel submitted that the observation of ld. CIT(A) in para 4.2.8, as reproduced e4arlier, are not correct. Ld. counsel submitted that Rajendra Mittal was the proprietor of M/s Rattan Diesels and he had signed the statements. 14. Ld. DR relied on the CIT(A) s order. 15. I have considered the submissions of both the parties and have perused the record of the case. As far as the bank statement of M/s Rattan Diesels in HDFC bank contained at pages 22 23 of the PB is concerned, I find that the said bank account is in the name of M/s Rattan Diesels. It is true that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
