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TMI Blog2018 (10) TMI 784X X X X Extracts X X X X X X X X Extracts X X X X ..... book etc.. Since the Ld.AR did not controvert the findings given by the Ld.CIT(A) with reliable evidence, we do not find any reason to interfere with the order of the Ld.CIT(A) and we uphold the order of the Ld.CIT(A) and dismiss the appeal of the assessee. - I.T.A.No.118/Viz/2014 - - - Dated:- 17-8-2018 - Shri V. Durga Rao, Judicial Member And Shri D.S. Sunder Singh, Accountant Member For the Appellant : Shri G.V.N.Hari, AR For the Respondent : Shri K.C.Das, DR ORDER PER D.S. SUNDER SINGH, ACCOUNTANT MEMBER: This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], Visakhapatnam vide I.T.A.No.0768/2011-12/ITO W-2, TNK/2013-14 dated 20.03.2014 for the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y discussed by the AO, it was noted that the amounts were withdrawn through ATM on various dates in small amounts, which only indicate that it was withdrawn for personal drawings. It is not clarified why the amount could not be advanced in cheque when the party has a bank account. Thus the genuineness of this transaction remained in doubt. As a result, it is held that the AO is justified in treating this credit as unproved. Accordingly the impugned addition of ₹ 5,26,000/- is confirmed. 6. Credit in the name of Baby Shyamala (Rs.5,00,000/-): 6.1. As per the confirmation letter filed, this creditor is in the business of tailoring and laces. The amount was said to be advanced on various dates. The AO noted that in the scrutiny ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 9. Credit in the name of Sri K.Sirisha Aditya (Rs.2,00,000/-) : 9.1. The assessee had represented that this creditor was the assessee's son and has advanced the impugned amount out of the gifts received by the assessee's son at the time of birthday. However no supporting evidence was given. Hence, it is held that the creditworthiness of the creditor is not proved satisfactorily and the impugned addition in respect of this credit is confirmed. 10. Credit in the name of Sri K.V.Siva Satyanarayana (Rs.2,60,000/-): 10.1. The assessee has filed confirmation letter from this creditor, who is an employee in the Pharmacy shop of the assessee. It was claimed that the alleged creditor gave the impugned amount from the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an of ₹ 1,00,000/- out of his personal savings. During the appellate proceedings, the assessee has also filed a copy of the bank statement from the creditor Kasireddy Srinivas A perusal of bank statement filed show there was a cash deposit of ₹ 14,000/- on 30.04.2008, of which ₹ 15,000/- was withdrawn by cheque on 06.05.2008 (arriving opening balances). Subsequently, there was a cash deposit of ₹ 1,00,000/ - which was withdrawn and paid to Raju by way of cheque. Thus, no evidence was filed regarding the creditworthiness of this person. Accordingly the impugned addition made in respect of this credit is confirmed. 13. Credit in the name of Sri Pilli Venkateswara Rao (Rs.5,00,000/-): 13.1 The assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he parties and perused the material placed on record. In this case, all the unsecured loans stated to have been received in cash, though the Income Tax Act places restriction on acceptance of loans otherwise than by crossed account payee cheques. The assessee has not furnished the compelling reasons for accepting loans in cash in contravention of the provisions of section 269SS of the Act. The parliament in it s wisdom placed restrictions to accept the cash loans to arrest the black money and to bring more transparency in the financial dealings. In none of the creditors, the assessee had filed the evidence to show that the creditors had credit worthiness and capacity to advance such huge sums. In the case of Sri K.Satyanarayana, it is st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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