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TMI Blog2017 (6) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... on facts in upholding the order of the AO in confirming the additions aggregated to Rs. 23,00,000/-, under section 68 of the Income tax Act, 1961." 2. The brief facts of the case are that the assessee filed the return of income declaring a net income of Rs. 2,48,000/- on 20.02.2009. The case of the assessee was selected for scrutiny and notice u/s. 143(2) of the Income Tax Act, 1961 (hereinafter referred as the "Act") was issued on 05.08.2009. Thereafter, the AR attended the assessment proceedings only once more as per the assessment order, i.e. on 24.11.2010 to file certain details, and thereafter, nobody attended for the proceedings. Ultimately, the AO passed an ex-parte order estimating the business income of the appellant at Rs. 4 lac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g pages 1 to 65 having the copy of letter dated 14.12.2011 addressed to the CIT(A"), New Delhi; copy of remand report dated 6.7.2011; copy of letter dated 13.6.2011 addressed to the CIT(A), New Delhi; copy of ledger account advance to Vimal Kumar from 1.4.2007 to 31.3.2008; copy of ledger account advance to Vimal Kumar from 1.4.2008 to 31.3.2009; copy of sale deed dated 14.2.2008 between Sh. Vikas Jain and Sh. Vimal Kumar; copy of sale deed dated 26.3.2008 between Central Warehousing Corporation and Sh. Vimal Kumar; copy of bank statement from 1.4.2007 to 31.3.2008; copy of income tax return filed on 30.9.2008 of Sh. Kumudani Jhangu, for the assessment year 2008-09; copy of letter by the ITO, Ward 24(1), addressed to Sh. Kumudani Jhangu; co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umudani Jhangu, for the assessment year 2008-09; copy of letter by the ITO, Ward 24(1), addressed to Sh. Kumudani Jhangu; copy of income tax return filed by the assessee for the assessment year 2008-09 alongwith the statement of assessable income and copy of statement of affairs as on 31.3.2007 and 31.3.2008. 7.1 We find that Ld. CIT(A) has adjudicated the issue in dispute vide para no. 4.5 to 4.6 as under:- "4.5 In Ground Nos. 3, 6 and 8, the appellant has impugned the addition of Rs. 23 lacs to his income u/s. 68 of the Act as unexplained cash credit. The appellant submitted that loans amounting to Rs. 23 lacs were taken from Smt. Kumudani Janghu (Rs. 10 lacs), Sh. Mahavir Singh (Rs. 8 lacs) and Sh. Inderjeet Kumar (Rs. 5 lacs). The app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant. Sh. Inderjeet Kumar was required to inform about the cash deposit of Rs. 4,90,000/- in his bank account just before he gave loan of Rs. 5 lacs to the appellant. Sh. Inderjeet Kumar had no satisfactory explanation or evidence regarding the cash deposited in his bank account. The other two loan creditors were not produced before the undersigned despite repeated opportunities given to the appellant and his counsel. It is noticed that Sh. Inderjeet Kumar deposited Rs. 4,90,000/- in cash in his bank account on 08.02.2008 and gave a cheque of Rs. 5 lacs to the appellant on 11.02.2008. Similarly, Sh. Mahavir Singh, S/o. Sh. Dilip Singh deposited cash amounting to Rs. 9,50,000/- in his bank account on 13.02.2008 and gave a cheque of Rs. 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ely established before the lower authorities, hence, the Ld. CIT(A) has rightly confirmed the addition of Rs. 13,00,000/- i.e. (Rs. 5 lacs from Sh. Inderjeet Kumar and Rs. 8 lacs from Sh. Mahavir Singh) and held that these loans are not genuine and treated the same as unexplained cash credit u/s. 68 of the Act, because these two loans i.e. Rs. 5 lacs and Rs. 8 lacs were not reflected neither in the Income Tax Return of the Donor as well as in the Income Tax Return of the assessee. Therefore, we upheld the addition of Rs. 13 lacs i.e. (Rs. 5 lacs from Sh. Inderjeet Kumar and Rs. 8 lacs from Sh. Mahavir Singh). 7.2.1. However, as regards the addition/confirmation of Rs. 10 lacs is concerned, which was also an unsecured loan from Sh. Kumudani ..... X X X X Extracts X X X X X X X X Extracts X X X X
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