9911796707
TMI Blog2016 (5) TMI 766X X X X Extracts X X X X X X X X Extracts X X X X ..... documents clearly establish the source of loan transaction, i.e., advancing of money by minor Annica Phillips and Rohan Phillips amounting to ₹ 13.50 lacs and ₹ 1.350 lacs respectively. On query from the Bench, the ld. Sr. DR stated that these documents were not filed before the A.O. but we find that the assessee has given certificate in its paper book that these were filed before the A.O. as well as CIT(A). The CIT(A) has particularly noted this fact in his order which is reproduced above. Further, these bank details were available before the A.O. from where these loans were given and maturity proceeds of RBI Bonds were deposited. In entirety of the facts and circumstances of the case, we are of the view that in the case of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised following two grounds: 1. The Learned Commissioner of Income-tax (Appeals)-22, Mumbai, has erred in confirming the addition u/s. 68 of the Income-tax Act, 1961 for ₹ 14,00,000/- being loans received from daughters of the assessee viz. Rebecca Phillips of ₹ 4,40,000/- and Lyssa Phillips of ₹ 9,60,000/- inspite of the fact that loan confirmations, bank statements, source of deposits were given and fully explained. 2. The Learned Commissioner of Income-tax (Appeals)-22, Mumbai, has erred in stating that several opportunities were given to the Appellant by the Assessing Officer for substantiating the loans received. Similarly, the assessee in ITA No. 1750/Mum/2012 has also raised identical grounds: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed identical worded grounds except the amount and name of lenders. For the sake of clarity, we are reproducing the order of CIT(A) in ITA No. 1749/Mum/2012: 2.3 I have gone through the assessment order, perused the submissions made by the appellant and also discussed the case with the A.R. of the appellant. A.O. noted that the assessee had taken loans from two persons i.e. Rebecca Phillips of ₹ 4,40,000/- and Lyssa Phillips of ₹ 9,60,000/-, totaling to ₹ 14,00,000/-, details of which were filed on 3.05.2011. Subsequently, AO issued notice dated 9.08.2011 to file confirmations and also identity, genuineness and creditworthiness of the persons who have given these loans. The assessee filed letter dated 17.8.2011 filin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant. In view of these facts I find no reason to deviate with the findings of the A.O. made in the assessment order and accordingly the addition made u/s.68 is upheld. Similar is the finding in ITA No. 1750/Mum/2012 by the CIT(A). Aggrieved against the orders of CIT(A), the assessee is in appeal before us. 5. We have heard the rival contentions and gone through the facts and circumstances of the case. At the outset, the ld. Counsel for the assessee first of all taken us through the assessment order and the order by the CIT(A). Then he took us through the paper book filed by the assessee consisting of pgs. 1 to 27. The ld. Counsel for the assessee first of all drew our attention to pg. 21, wherein Certificate u/s. 68(2) of the Vo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he complete bank statement from where it is clear that minor daughter Annica Phillips has advanced a sum of ₹ 1,35,000/- out of RBI Bond maturity and RBI Bond interest and also other deposits made. The assessee has also enclosed copies of RBI certificate issuing RBI bonds in the name of Rohan, minor son and Annica Phillips, minor daughter with repayment of 6.5% Saving Bonds 2003 and repayment of 7% Saving Bank Schemes 2002. These documents clearly establish the source of loan transaction, i.e., advancing of money by minor Annica Phillips and Rohan Phillips amounting to ₹ 13.50 lacs and ₹ 1.350 lacs respectively. On query from the Bench, the ld. Sr. DR stated that these documents were not filed before the A.O. but we find t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Remarks Description of asset Name in which held Amount 4. Rs.6,00,000/- 1996-97 Cash Rebecca Phillips Rs.6,00,000/- 5. Rs.6,00,000/- 1996-97 Cash Lyssa Phillips Rs.6,00,000/- These amounts were invested by these two minor daughters in RBI Bonds and these were repaid by RBI along with the interest and these proceeds were deposited in saving bank account maintained with B ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
