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TMI Blog2016 (4) TMI 665X X X X Extracts X X X X X X X X Extracts X X X X ..... n law and on facts of the case by confirming the addition of Rs. 2,50,000/- in respect of unexplained cash credit u/s 68 of the Income Tax Act, 1961. 2. The Learned Commissioner of Income Tax, (Appeals)-5, Vadodara has erred in law and on facts of the case by confirming the disallowance of Rs. 2,50,507/- u/s.40(a)(ia) of the Income Tax Act, 1961 made by the Assessing Officer though the Appellant was not liable to deduct TDS U/S.194C . 3. Your Appellant prays to reserve the right to add, alter, amend and/or withdraw any of the above grounds of appeal. 2. Briefly stated facts as culled out from the records are that the assessee is an individual engaged in the business of providing transport services under the proprietorship of M/s Shivam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has arisen out of gifts received in cash from her grand father Mr. Ramanbhai Nagjibhai Patel who is an agriculturist having 8 bighas agricultural land. Besides, Mr. Ramanbhai N. Patel has retired from railway department. Ld. AR submitted that Falguniben Patel has received gifts from her grand father and accumulated past savings for past many years and also referred that she has withdrawn Rs. 43,000/- from her bank account with Shree Chhani Nagrik Sahakari Bank Ltd. by way of withdrawal of Rs. 10,000/- on 11/3/2004, Rs. 10,000/- on 4/5/2004 and Rs. 23,000/- on 15/9/2004. As regards other two unsecured loans from Ashwinkumar L Patel of Rs. 75,000/- and from Sumitraben J. Patel of Rs. 1,25,000/- ld. AR just referred to the submissions made b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar L. Patel at Rs. 75,000/- and from Sumitraben J. Patel of Rs. 1,25,000/-, assessee has not provided any details except the affidavits and copies of some ledger account and bank account of Asst. Year 2007- 08 and following years. These affidavits cannot be taken as a substantive proof in order to satisfy the provisions of section 68 of the Act in regard to the identity, creditworthiness and genuineness of loan taken during the year. No evidence in the form of PAN, bank statement, income-tax return have been put on record before the lower authorities. In these circumstances we find that assessee has nothing more to prove the genuineness of unsecured loans taken from Ashwinkumar L. Patel and Sumitraben J. Patel at Rs. 75,000/- and Rs. 1,25,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... carrying out any work) in pursuance of a contract between the contractor and a specified person shall, at the time of credit of such sum to the account of the contractor or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to- (i) one per cent where the payment is being made or credit is being given to an individual or a Hindu undivided family; (ii) two per cent where the payment is being made or credit is being given to a person other than an individual or a Hindu undivided family, of such sum as income-tax on income comprised therein. (2) Where any sum referred to in sub-section (1) is credited to any account, whether called "Suspense account" o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his Permanent Account Number, to the person paying or crediting such sum. (7) The person responsible for paying or crediting any sum to the person referred to in sub-section (6) shall furnish, to the prescribed income-tax authority or the person authorised by it, such particulars, in such form and within such time as may be prescribed. 9.1 From going through the above provisions, person responsible to deduct TDS includes any individual who total sales, gross receipts or turnover from the business or profession carried on by him exceeds monetary limit specified in clause (a) or cla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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