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TMI Blog2013 (5) TMI 877X X X X Extracts X X X X X X X X Extracts X X X X ..... .2007 declaring the total income of Rs. Nil. The case was selected for scrutiny and thereafter the assessment was framed under Section 143(3) of the Act vide order dated 15.12.2009 and the total income was determined at ₹ 36,40,470/-. Aggrieved by the order of Assessing Officer, assessee carried the matter before CIT(A). CIT(A) vide order dated 10.02.2010 granted gave partial relief to the assessee. Aggrieved by the aforesaid order of CIT(A), the Revenue is now in appeal before us and has raised the following effective ground:- [1] On the facts and in the circumstances of the case and in law, the learned CIT(A)-1, Surat has erred in deleting the addition made by the Assessing Officer on account of unexplained cash credit of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan. Thus the Assessing Officer made addition under Section 68 of ₹ 33,35,011/-. 7. Aggrieved by the order of Assessing Officer, assessee carried the matter before CIT(A). Before CIT(A) it was interalia submitted that the Assessee had submitted the account confirmations mentioning the name, complete address and PAN number of the lenders with details of transaction copies of the IT return acknowledgement, except for two parties, copies of the balance sheet and thus the assessee had discharged the onus cast upon it to prove the identity of the lenders, genuineness of the transaction and creditworthiness of the lenders. It was further submitted that the notices under Section 133 6) issued to the lenders were served upon the lenders. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ansactions, name, complete address and PAN of lender proves the genuineness of the transactions. The loan amounts were duly reflected in the balance sheets of lenders. From the balance sheets, the credit worthiness of lenders is proved beyond any doubt. The lenders are having sufficient capital/ sources for advancing these loans to the appellant. The AO has simply stated that the assessee has not filed the Bank statement and has not produced the creditors. The A.O. has further stated that the notices issued to the creditors have not been replied by the creditors. As stated above, by filing the above mentioned documents the appellant has fulfilled its onus in terms of the decision of the Hon'ble Supreme Court in the case of Orissa Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer and also the decision of Delhi High Court in the case of N.R. Portfolio Pvt. Ltd. (ITA No 134/2012 order dated 21.12.2012) The learned A.R, on the other hand reiterated the submissions made before CIT(A) and thus supported the order of CIT(A). 11. We have heard the rival submissions and perused the material on record. It is an undisputed fact that during the year the assessee had received loan from 17 parties aggregating to 33,35,011/-. The details of which are listed at page 2 of Assessing Officer order. CIT(A) while deleting the addition has given a finding that the assessee had filed before Assessing Officer the confirmations with name, address, Pan number, copy of ledger account, copy of balance sheet and profit and loss, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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