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TMI Blog2013 (3) TMI 751X X X X Extracts X X X X X X X X Extracts X X X X ..... 21-10-2011, passed by the CIT(A)-II, Thane, relating to assessment year 2008-09. 2. The department is objecting the inaction on the part of the learned CIT(A) in deleting the addition of ₹ 28,32,675/- by observing that the onus lays upon the assessee has already been discharged. 3. Brief facts of the case are that the assessee is deriving income from salary and trading in cloth. During ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ITO, Ward-1(1), Thane vide acknowledgment no. 0821017725 on 31/07/2008 wherein total income of ₹ 2,25,55,889/- and the tax amount of ₹ 80,43,790/- was shown to have been paid. On investigation with the ITO, Ward-1(1), Thane, it was noticed by the AO that no such return of income was filed with the ITO, Ward-1(1), Thane by Pravin Hirji Thakkar for the A.Y. 2008-09. Thereafter the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned CIT(A) found that the AO was not justified in making the addition as all the details proving the loan genuine have been filed and they were not found false or incorrect. Accordingly, he deleted the addition. Aggrieved thereby, the department is in appeal here before the Tribunal. 5. The learned DR placed reliance on the order of AO. On the other hand, learned counsel of the assessee place ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ared before the AO, who also confirmed in having advanced the loan to the assessee. The loan was given through proper banking channel. Three ingredients i.e. identity of the person, genuineness of the transaction and source of the loan given, have been proved in this case. Shri Pravin Hirji Thakkar appeared before the AO, who confirmed having given loan to the assessee from the source of his incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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