9911796707
TMI Blog2011 (11) TMI 665X X X X Extracts X X X X X X X X Extracts X X X X ..... r basis during and after the close of the year viz. H.G. Exim Pvt. Ltd. b. ₹ 20,00,000/- received by crossed payees account cheques from a regular customer as advance to whom supplies have not been made at all viz. Rashi International." 3. In this case, the assessee filed its return of income on 30.11.2006 declaring total income at ₹ 1,95,398/-. The return was selected for scrutiny. Notices u/s 143(2) were issued and served upon the assessee. In response to the notice u/s143(2), assessee's Authorized Representative appeared before the AO on various dates and filed certain details. The books of accounts were produced and test checked. 4. In the course of assessment proceedings, it was noticed by the AO that the assessee had taken unsecured loans of ₹ 39,00,000/- and ₹ 20,00,000/- from M/s H.G. Exim Pvt. Ltd. and M/s Rashi International respectively, during the year under consideration. The assessee was asked to file necessary documents and evidences to prove the existence and credit worthiness of the said parties and also to prove the genuineness of the loan transactions. The assessee vide letter dated 8.12.2008 submitted before the AO that despite best ef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nternational in the assessee's books for the period from 1.04.2005 to 31.03.2007; (iv)Confirmation of account of Rashi International. 9. In the remand report, the AO stated that assessee has failed to give any sufficient and reasonable cause for not producing the various details before him so as to allow the assessee to file additional evidences before the ld. CIT(A). The AO further stated that mere giving PAN Number, the identity and credit worthiness of the concerned party cannot be established. He further pointed out that assessee has not been able to prove the genuineness of the transaction. 10. After considering the AO's remand report and assessee's submission and in the absence of any rejoinder of the assessee to the remand report, the ld. CIT(A) uphold the addition of ₹ 59 lakh made by the AO. 11. Hence, the assessee is in further appeal before the Tribunal. 12. The ld. Counsel for the assessee has invited our attention to the various documents and papers placed in the paper book, and submitted that in the light of the papers or evidences filed by the assessee, the assessee has been able to prove and establish the identity and credit worthiness of the concerned p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d credit in the hands of the assessee. The credit of ₹ 2,50,000/- received on 14.03.2006 were repaid on 16.03.2006 during the same year itself, and the same has not been doubted by the AO. The closing balance of ₹ 39 lakh as on 31.03.2006 has been carried forward to the next year as opening balance as on 01.04.2006. This aforesaid amount of ₹ 39 lakh carry forward from earlier year has been shown as liquidated in the F.Y. 2006-07 by showing the payments on following dates: - (i) 1.12.2006 by cheque ₹ 9,00,000/- (ii) 23.12.2006 by cheque ₹ 25,00,000/- (iii)Transfer to current account ₹ 2,15,000/- (iv) 26.12.2006 by cheque ₹ 2,85,000/- Total ₹ 39,00,000/- From the said details, it is seen that the assessee has repaid the amount of ₹ 9,00,000/-, ₹ 25,00,000/- & ₹ 2,85,000/- by cheque drawn on HDFC Bank on 1.12.2006, 23.12.2006 & 26.12.2006 respectively and debited the same to the creditors account. The assessee has produced before us the bank statement of the assessee with HDFC Bank showing that the aforesaid amount of ₹ 9,00,000/-, ₹ 25,00,000/- & ₹ 2,85,000/- were transferred from assessee's ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the F.Y. 2005-06 to M/s H.G. Exim P. Ltd. and received the payment in that year itself on various dates as noted above. In the next F.Y. 2006-07 the assessee received certain payments from H.G. Exim P. Ltd. and repaid the same during the year itself. All these transactions made by the assessee with M/s H.G. Exim P. Ltd. have not been found to be bogus. The AO has made the addition merely because M/s H.G. Exim P. Ltd. Had failed to appear before him and file documents in response to the summon issued u/s 131 of the Act. In this connection, the assessee has produced all the relevant details before the AO and has also supplied the address of H.G. Exim P. Ltd. Vide assessee's letter dated 8.12.08, where the permanent account number of H.G. Exim Ltd. was also supplied as PAN Number AABCI3072R. The present assessee is assessed by the Income Tax Officer, Ward 12(3), New Delhi. The creditor M/s H.G. Exim Ltd. is also assessed by ITO, Ward 12(3), New Delhi. The AO could have verified the assessment records of the creditor, namely, H.G. Exim P. Ltd., which is registered Company having registered office at first floor, Krishna-A, Extn., Tilak Nagar, New Delhi with Registration No. 118856 wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed from website of registrar of companies has been placed before us so as to show and establish whether Rashi International is a company registered under Indian Companies Act though such details has been furnished by the assessee in the case of other creditor, namely, M/s H.G. Exim P. Ltd. The assessee has produced one copy of confirmation account from Rashi International claimed to have been signed by one Mr. Pawan Aggarwal with PAN No.AABCR7244K with the address at 9, Managoe Lane, 2nd Floor, Kolkata. In the confirmation letter, details about status and identity of Rashi International is not mentioned. It is also not clear as to in what capacity, one Mr. Pawan Aggarwal has signed the confirmation letter. The assessee has furnished before us copy of its bank account beginning from 19.01.2006 and thereafter. The assessee has shown the receipt of amount of ₹ 5,00,000/- each on 19.10.2005, 28.10.2005 & 02.11.2005 in respect of which no bank statement has been produced. Though it has been mentioned by the assessee that assessee has filed statement of its bank account with HDFC for the period from 11.07.2005 to 11.01.2007 placed at pages 15 to 19 of the paper book, the statement ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
