9911796707
TMI Blog2008 (4) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... me Tax Appellate Tribunal (herein after referred as 'Tribunal') Delhi Bench 'A' in ITA No.2574 (Del)/2004 relevant for the assessment year 2001-02. The Tribunal in its order held that there is absolutely no material to link the Assessee with the sum of Rs.29,97,000/- deposited in cash in the bank account of M/s. FBSL. 2. The facts of this case are that the Assessee is a Private Limited company. During the previous year, it had taken an unsecured loan of Rs. 25 lacs from M/s. Aishwaray Capital Lease Finance Pvt. Ltd. (herein after referred to as ACL). The Assessing Officer asked the Assessee to file a copy of income tax return along with the audited profit and loss account and the balance sheet with annexures and copy of bank statement f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transaction was a sham transaction and asked the Assessee to show cause as to why cash deposit of Rs.22,97,000/- made into the account of M/s. FBSL be not added as the taxable income of the Assessee for the year under consideration. The Assessee submitted his reply and filed confirmation from M/s. ACL. The Assessee also submitted that the cash deposited by M/s. FBSL was not its money and that it was from the books of the said company. 4. The Assessing Officer however, held that it was the Assessee's money of Rs.22,97,000/- which was deposited in cash into the account of M/s. FBSL and the same was routed through different accounts and received as unsecured loan by the Assessee company and thus made an addition of Rs.25 lacs as unexpla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... show that the funds to ACL were provided by the Assessee. Under the circumstances, it cannot be said that the cash credit in question has remained unexplained. There is absolutely no material to link the Assessee with the sum of Rs.22,97,000/- deposited in cash in the bank account of M/s. FBSL.' 9. In view of the concurrent findings of the fact given by the two authorities that there is no material to link the Assessee with a sum of Rs.22,97,000/- deposited in cash in the bank account of M/s. FBSL, as such, no case is made out for making addition under Section 68 of the Act, since there was no material with the Assessing Officer to come to the conclusion regarding any genuineness or fictitious identity of the entries or non capacity of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
