9911796707
TMI Blog2018 (8) TMI 763X X X X Extracts X X X X X X X X Extracts X X X X ..... s on the appreciation of all facts, including the absence of the 9 companies of Khandar Group doing any business to generate such huge funds, even when they appeared before the authorities - Additions confirmed - Decided against the assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... itional Director (Investigation), inter alia, indicated that 9 out of the 23 parties are companies which form a part of Khandar Group, all of whom are income tax defaulter with huge arrears of tax and no source of income. Consequent to hearing the Respondent-Assessee, the Assessing Officer by an order dated 31st December, 2009, made an addition of ₹ 4.71 Crores being unsecured loans received from the 21 parties as cash credits under Section 68 of the Act. Out of the aforesaid amount, an amount of ₹ 2.40 Crores refers to unsecured loans from the 9 companies belonging to the Khandar Group of Companies (with whom this Appeal is concerned). 4. Being aggrieved, the Appellant-Assessee filed an Appeal to the Commissioner of Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) by order dated 11th July, 2011 upheld the addition of ₹ 2.40 Crores made under Section 68 of the Act in respect of the 9 companies of Khandar Group. 5. Being aggrieved with the order dated 11th July, 2011 of the CIT(A), the Appellant filed a further appeal to the Tribunal. The impugned order of the Tribunal on facts held that although the identity of the 9 Companies of the Khandar Group stand established, the credit worthiness and the genuinenesses of the transaction, was not established. This, taking into account the fact that after the Assessment Year 200001, no return of income was filed. Nor, there was any financial statements and/or accounts available to find out the credit worthiness of the 9 companies belonging to the Khand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the form of the bank statements, then it would be a sufficient discharge of the onus by the Appellant-Assessee for the purposes of Section 68 of the Act. The non-filing of the return of income and not maintaining of accounts or showing any supporting evidence would not by itself establish the non-genuineness of the transactions or the absence of credit worthiness on the part of the lender. The Khandar Group is not in any manner related to the Appellant-Assessee and, therefore, the onus on the Appellant-Assessee would stands discharged by producing the parties and establishing their identity. 8. According to us, in this case, both the CIT(A) as well as the Tribunal have rendered a finding of fact, taking into account the entire gamut of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
