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TMI Blog2016 (7) TMI 534X X X X Extracts X X X X X X X X Extracts X X X X ..... . Immediately after receipt of the same amount, the amount was transferred in the accounts of the assessee. The creditworthiness and genuineness of the loan has duly been proved on record. Therefore, in the said circumstances the CIT(A) has rightly deleted the addition of ₹ 15,00,000/- u/s.68 of the Act. So far as the question of deletion of remaining amount i.e. ₹ 5,00,000/- added u/s.68 of the Act is concerned. There is no explanation on behalf of the assessee. The fact remains the same as stated by the Assessing Officer in his order. - There is no proper explanation in this regard as to why the cash was deposited in the account of payee just one or two days before the transaction. - Addition confirmed. - I.T.A. No.6260/M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acts and circumstances of the case: Sr. No. Particulars Amount (Rs.) A Addition under Section 68 on account of Unsecured Loan taken treated as unexplained cash credit 5,00,000/- A. Addition under Section 68 on account of Unsecured Loan taken treated as unexplained cash credit ₹ 5,00,000/- 2. The Ld. CIT(A) erred in confirming the Addition made by the Ld. Assessing Officer on account of Unsecured Loan taken treated as unexplained cash credit amounting to ₹ 5,00,000/- without appreciating the fact and circumstances of the case. The Addition of ₹ 5,00,000/- invoking the provisions of secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se account was credited with an amount of ₹ 2,00,000/- by cheque on 10.06.2009 and Shri Arvind Gandhi issued the cheque of ₹ 2,00,000/- in favour of assessee on 12.06.2009. Accordingly, an amount of ₹ 1,00,000/- was deposited in the account of Shri Dilip Gandhi on 11.06.2009 and Shri Dilip Gandhi issued the cheque of ₹ 1,00,000/- in favour of the assessee on 12.06.2009. In the bank statement of Shri Hiren Gandhi, it came into notice that an amount of ₹ 2,00,000/- was deposited in cash on 10.06.2009 who issued the cheque of ₹ 2,00,000/- on 12.06.2009 in favour of the assessee. In the bank statement of H.U.F, it is seen that cheque of ₹ 15,00,000/- deposited on 30.11.2009 and transfered to the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been transferred by account payee cheque from the HUF A/c. to Shri Subodh Nemlekar on the same day. Hence, the source of credit is the loan which were given by the HUF to one Mr.Bhushan Nemlekar. Immediately after receipt of the same amount it has been advanced to the appellant, hence it cannot be presumed that creditworthiness is not proved. If any doubt was there regarding source of ₹ 15,00,000/- shown in the name of Bhushan Nemlekar, it was the responsibility of the Assessing Officer to go further deep and see whether loan was actually advanced by the HUF earlier or not. Assessing Officer has noticed this fact in sub-para e of Para 6.1 but has merely discarded the explanation of the appellant on the ground that HUF is not havin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and he met only in the office of his income tax practitioner Bharat Patelia and he could not recognize his face. He has issued cheque on the direction of Bharat Patelia which means this is an arrange entry and definitely cash might have been given and cheque might have been obtained. It can be seen from bank account in Dena Bank that on 11.06.2009 cash of ₹ 1,00,000/- has been deposited and next day on 12.06.2009 cheque of ₹ 1,00,000/- has been given to the appellant which corroborate the finding of the Assessing Officer that cash has been obtained by the creditors and cheque has been issued. Similar is the fact in respect of Hiren Gandhi. It can be seen from bank account No.200542136 of bank of Maharashtra that an amount of &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entry on various dates. Mr. Bhushan Nemlekar has repaid ₹ 15,00,000/- to the HUF on 13.11.2009 and the same amount has been transferred by account payee cheque from the HUF A/c. to Shri Subodh Nemlekar on the same day. Therefore, the source of credit is the loan which were given by the HUF to one Mr.Bhushan Nemlekar. Immediately after receipt of the same amount, the amount was transferred in the accounts of the assessee. The creditworthiness and genuineness of the loan has duly been proved on record. Therefore, in the said circumstances the CIT(A) has rightly deleted the addition of ₹ 15,00,000/- u/s.68 of the Act. So far as the question of deletion of remaining amount i.e. ₹ 5,00,000/- added u/s.68 of the Act is concerne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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