9911796707
TMI Blog2018 (9) TMI 701X X X X Extracts X X X X X X X X Extracts X X X X ..... Banusekar, C.A. ORDER PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER In this appeal filed by the Revenue, which is directed against an order dated 19.12.2017 of Commissioner of Income-tax (Appeals)-12, Chennai, it is aggrieved that the ld. Commissioner of Income Tax (Appeals) deleted a disallowance of ₹ 3,61,07,920/-, made by the ld. Assessing Officer on a repayment of loan to Assessee s namesake in, Bangalore. 2. Ld. Counsel for the Revenue submitted that assessee a trader in steel, had repaid a loan of ₹ 7,65,76,906/- to another concern named M/s. Jindal Steels, Bangalore. According to the ld. Departmental Representative, assessee was required to explain the source for the funds used for making the above repayme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Jindal was only C3,00,00,000/- and assessee could not substantiate the source of ₹ 3,61,07,920/- out of the total loan repayment of C7,65,76,906/-. 3. Per contra, ld. Authorised Representative strongly supporting the order of the ld. Commissioner of Income Tax (Appeals) submitted that assessee had a overdraft account with State Bank of India bearing account No.00000010886073792 with its SME Branch, at Chennai. As per the ld. Authorised Representative, assessee had a drawing power of Rs 13,00,00,000/-. Relying on the statement of this account placed at paper book pages 2 to 4, ld. Authorised Representative submitted that payment to M/s. Jindal Steels, Bangalore was made through RTGS transfer from this overdraft account. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Txn Date Value date Description Ref No. Cheque No. Branch code Debit Credit Balance 22 May, 12 22 May, 12 Cheque WDL-Jindal 13241/SAIL 9930-490663 Transfer from 10404414793/ 490663 9930 2,59,875 -8,32.96.727.60 22 May, 12 22 May, 12 CHQ Transfer- RTGS, SBINH12143 319345, Jindal Steels 10051 10051 13241 3,61,07,970 -11,96,04,697.60 22 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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