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TMI Blog2013 (6) TMI 769X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer framed assessment u/s 143(3) of the Income-tax Act on 22.12.2008 at total income of ₹ 1,84,10,790/-, wherein he made addition of ₹ 1.45 crores u/s. 68 of the Income-tax Act on the ground that loan taken from Mr. Ishwar Adwani (out of ₹ 1.6 crores) was not explained satisfactorily. 3. On appeal before the ld CIT(A), the assessee put forward various arguments which are reproduced by the ld CIT(A) in para (b) on page 3 of the impugned order. In para (c) on page 5 of the impugned order, the ld CIT(A) analyzed the rival submissions and reproduced a letter dated 22.12.2008 written by the assessee to the Assessing Officer and thereafter he deleted addition after examining the following three conditions namel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s also submitted. On examination of these materials, I do not have any doubt of any nature regarding the identity of the creditor, as identity was fully proved on record. Creditworthiness of the creditor: The creditor filed the details of his bank accounts. The perusal of bank accounts revealed that there had been series of cheques/transfer of transactions involving substantial amounts. He has been residing and also doing good business in Dubai for last 15 years, as evidenced by quantum of transactions found in the bank statements. Genuineness of the transaction of loan: The amount of loan was received by way of cheques. Confirmation was also furnished. A sum of ₹ 15 lakh was also returned to the creditor on 10.09.2005 by cheque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecord, I am of the opinion that the said loan was not only genuine, but also the identity and capacity of the creditor to give the loan stood fully established. I hold that the appellant completely discharged his onus. The addition made u/s.68 is hereby deleted." Aggrieved by the order of ld CIT(A), the Revenue is now in appeal before this Tribunal. 4. At the time of hearing before us, on behalf of Revenue Shri K C Mathews, DR appeared and contended that the Assessing Officer framed the assessment u/s 143(3) on 22.12.2008. On this date, the assessee filed a letter dated 22.12.2008 wherein he included confirmation received from Mr.Ishwar Adwani and other details mentioned in the said letter which is reproduced by the ld CIT(A) on page 6 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer added the outstanding loan of ₹ 1.45 crores as unexplained and treated the balance ₹ 15 Lacs which was repaid in the next month as explained. This also shows that the Assessing Officer has accepted the identity, genuineness and creditworthiness of Mr.Ishwar Adwani. The ld Counsel submitted that, considering these factual matrix of the case, the view taken by the ld CIT(A) in the impugned order deleting the addition made by the Assessing Officer u/s 68 of the Income-tax Act be upheld. 6. In rejoinder, the ld Departmental Representative reiterated the submissions made by him earlier and contended that following the principle of natural justice, the matter be remanded to the file of the Assessing Officer for condu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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