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TMI Blog2014 (11) TMI 1155X X X X Extracts X X X X X X X X Extracts X X X X ..... RI R.P. TOLANI AND SHRI T.R. MEENA Department by : Shri D.C. Sharma Shubhash Chandra Assessee by : Shri Rajiv Sogani. ORDER PER: T.R. MEENA, A.M. This is an appeal filed by the Revenue against the order dated 01/09/2011 of the learned C.I.T.(A)-III, Jaipur for the A.Y. 2008-09. The effective grounds of the appeal are as under:- (i) The CIT(A) has passed a perverse order in accepting that the stated credits in the name of Sh. Banshilal, Sh. Kana Ram and Sh. Kailash Choudhary, met with the requisite conditions as prescribed under Sec. 68 of the Act. (ii) The CIT(A) has passed a perverse order by not considering the remand report of the A.O. dated 11/07/2011, received by the CIT(A) on 12/07/2011, even when ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer that loan was taken by the assessee, received through cheque. The Assessing Officer concluded that originally, this amount was given by the assessee i.e. Deena Dayal Choudhary to Banshilal, which has been returned back to the assessee. Therefore, the learned Assessing Officer added this amount U/s 68 of the Act. Similarly, loan of ₹ 25 lacs was taken from Shri Kana Ram. During the assessment proceedings, notice U/s 131 was issued to him, who had admitted that he had given ₹ 25 lacs on 06/9/2007 from SBBJ, Kishapole Branch by cheque and ₹ 20 lacs on 25/10/2007 from same bank account. Thus, total loan was in the name of Kana Ram was as ₹ 45 lacs, which was given by him from 50 lacs credited in his ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osited. Therefore, the assessee needs not to explain source of source as required by the law. He also considered various case laws on this issue. Therefore, he found that genuineness of the transactions, creditworthiness of creditors and identity of persons has been established by the assessee. Similarly, in case of Kailash Choudhary, it has been held that ₹ 20 lacs received on 27/12/2007 through banking channel. The cash creditor has furnished copy of confirmation with PAN number, copy of ITR with computation of income and bank statement. Moreover, Shri Kailash Choudhary himself appeared before the Assessing Officer U/s 131 of the Act and confirmed the loan given in person. He also explained the source of loan of ₹ 20 lacs, whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in appeal before us. 5. The learned D.R. supported the order of the learned Assessing Officer and at the outset, the learned A.R. for the assessee reiterated all the arguments made before the learned CIT(A) that stated that the order of the learned CIT(A) is a well reasoned, speaking and based on proper appreciation of facts in correct perspective and proper consideration of judicial propositions in respect of the additions under section 68. Further reliance is placed on a recent decision of the Hon'ble jurisdictional High court in the case of CIT Vs. Jai Kumar Bakliwal (2014) 267 CTR 396. Ground No. (ii) has no basis as the remand report has been duly considered by the learned CIT(A). Ground No. (iii) has no force as no additional e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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