9911796707
TMI Blog2017 (11) TMI 740X X X X Extracts X X X X X X X X Extracts X X X X ..... rmation letters can not substantiate the genuineness and creditworthiness as well as the identity of the creditors. The decisions which are cited by the appellant before the Tribunal are duly considered and the Tribunal has found that the cited decisions are not applicable to the facts of the case of the appellant. It is further noticed by us that neither before the CIT (Appeals) nor before the Tribunal the appellant has furnished any evidence to prove the identity of the creditors, their creditworthiness and the genuineness of the transaction in the matter. In our opinion, the Tribunal had taken all the relevant facts into consideration and the conclusion arrived by the Tribunal that the loans represented the assessee's income from undi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... creditors for purchase of silver ornaments in the hands of the appellant? The brief facts of the present case are that the source of income of the appellant was to earn the interest from various parties under his business of money lending in the name of Rajnikant and brothers. The present appellant was also indulge in another business which was a proprietorship concerned in the name of M/s Yashodhara Jewellers which was engaged in silver and gold ornaments business. For the Assessment Year in question the assessing authority of the appellant has passed the assessment order under Section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the Act) and vide order dated 14.12.2009 the assessing authority has determined the tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid facts to the assessee and has issued a show cause notice indicating wherein that as to why the alleged cash credit should not be treated as unexplained income under Section 68 of the Act. In its turn the assessee has submitted that he is doing silver ornament business and for the said business, some persons have given him an advanced to purchase the silver ornaments on their behalf as per suitable rates. On query made by the assessing authority, it is found that the persons whose names were mentioned in the cash book and who allegedly advance money for the purchase of silver ornaments were not brought forward as such according to the appellant himself the appellant has returned the amount to all the parties in cash. It is noticed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We have heard Sri Suyash Agrawal, learned counsel for the assessee and Sri Shubham Agrawal, learned counsel for the department. The counsel for the assessee has submitted that the assessee is in the business of Silver Ornaments and those 20 creditors have given advance to him for purchase of Silver Ornaments as per suitable rates. He has further submitted that the assessee has filed the confirmation letters with regard to the transaction which was routed in cash. He has further submitted that books of account have been accepted by the assessing authority except addition of a sum of ₹ 3,71,000/- as unexplained amount. Learned counsel for the assessee has therefore, submitted that the assessing authority has not discharged his bur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 20,000/- each in all the cases and this is a kind of regular feature in the case of assessee likewise. He has further submitted that the silver ornaments could not be purchased against the cash money provided by the individuals on account of continuously increase in price of the goods/silver ornaments therefore, ultimately the entire amount has been returned to the respective parties. Similar submissions has been reiterated before the Appellate Tribunal while challenging the order passed by the CIT (Appeals). The ITAT has considered the facts of the case and has noticed that the assessee has not proved the ingredients of Section 68 of the Act. The burden is upon the assessee to prove the identity of the creditors, their creditworthines ..... X X X X Extracts X X X X X X X X Extracts X X X X
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