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TMI Blog2016 (1) TMI 1020X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the case into consideration, we are of the view that since the transactions are made through account payee cheques, the identity of the creditors cannot be doubted. However, the burden is on the assessee to produce creditors’ confirmations and to explain the sources of loans. In the interest of justice, we are inclined to give one more opportunity to the assessee to establish the identity, credit worthiness and genuineness of the transactions. Thus, we set aside the impugned order and restore the issue back to the file of the Assessing Officer and the assessee shall prove the identity, creditworthiness and genuineness of the transactions to the satisfaction of the Assessing Officer - Decided in favour of assessee for statistical purpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of delay is allowed and the appeal is admitted. 3. Brief facts are that the Assessing Officer while completing the assessment noticed that the assessee has shown unsecured loan amount of ₹ 10,27,000/- from Mr.Akilan and ₹ 15,40,500/- from Mr. P.Sundara Paripoornam. The assessee was asked to submit break-up with details, loan taken and particulars of the creditors etc. the assessee submitted that it has borrowed loans from these two persons and returned the loan amounts with interest to them and it could not find the creditors. It was the submission of the assessee that transactions of amounts received are all made by cheques and the payments are made through banking channels and thus transactions are genuine. Since no evide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor Mr.Murugesan as we were not satisfied with his service and felt his fees were not viable for us. 4. The purpose of taking the loan on 29th September 2009 of ₹ 40,00,000/- dated 29/9/2009 via crossed cheque - Amount was used to make the TDS payment to the Government. 5. He is not an Assessee - PAN NO: ARXPM2358P 6. Address: Green Signal, No.5, Circular Road, United India Colony, Kodambakkam, Chennai - 600 024. 7.Loan Payment is through one single cheque bank statement filed before the AO. 8.We do not know his source of the payment to us. 9. We have made this entire payment to towards our company's TDS payment. 10.Repayment Schedule: Payment made to Mr.P. Sundara Paripoornam ₹ 25 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was calculated at 0.5% for 6 months ₹ 30,000/- which was made by way of cash. 9. All bank statements were filed before the AO. 7. It is the case of the assessee that transactions were all made through account payee cheques through banking channels and creditors are identifiable and the loans were mainly obtained from them to deposit the TDS amount into government account in the course of carrying on the business. The loans were repaid through banking channels. Counsel submits that at that point of time the assessee could not produce creditors confirmations before the Assessing Officer . He pleads for one more opportunity for submission of confirmations before the Assessing Officer. Taking the totality of the facts and ci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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