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TMI Blog2019 (3) TMI 646X X X X Extracts X X X X X X X X Extracts X X X X ..... icer has not made any adverse comments. Further, there is no material on record to demonstrate that the contents of the affidavit filed by the lender is false. Considering the totality of aforesaid facts, we are of view that assessee has explained the position about the amount being loan which has not been controverted by the Revenue. Under such circumstances no addition is called for. - Decided in favour of assessee - ITA No.49/RPR/2016, ITA No.51/RPR/2016 - - - Dated:- 11-3-2019 - Shri Anil Chaturvedi, AM And Shri Partha Sarathi Chaudhury, JM For the Assessee : Shri R.B. Doshi For the Revenue : Shri R.P. Namdeo ORDER PER ANIL CHATURVEDI, AM : These cross-appeals filed by Revenue and assessee emanate out of the order of Commissioner of Income-Tax (A)-II, Raipur dated 11-01-2016 for A.Y. 2012-13. 2. The relevant facts as culled out from the material on record are as under :- Assessee is an individual and derives income from share trading and interest on deposits from Bank. Assessee filed his return of income for A.Y. 2012-13 on 17-07-2013 declaring total income at ₹ 3,66,000/-. The case was selected for scrutiny and thereafter the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed being withdrawn. 5. In the result, the appeal of Revenue is dismissed as withdrawn. ITA No. 51/RPR/2016 6. We now proceed with assessee s appeal. First ground with respect to addition of ₹ 7,49,090/-. 7. During the course of assessment proceedings, Assessing Officer noticed that assessee had deposited cash aggregate to ₹ 43,00,000/- in the saving bank maintained with Axis Bank, Rajnandgaon. The assessee was asked to explain the source of cash deposits and furnish cash flow chart. The Assessing Officer noted that the assessee did not furnish any explanation with respect to cash deposits. Assessing Officer accordingly, considered the cash deposits in the bank account as unexplained cash credit u/s. 68 and made its addition. Aggrieved by the order of Assessing Officer, the assessee carried the matter before the CIT(A). The CIT(A) after considering the submissions of assessee granted partial relief to the assessee by observing as under : 1.5 From the details of capital and cash balance position furnished during the assessment stage and brought to my notice during the appeal proceedings I find that the capital and cash balances reveal sufficient bal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the order of Ld.CIT(A), assessee is now in appeal before us. 8. Before us, Ld. A.R. pointed to the cash flow chart which is placed at page 33 of the paper book which was prepared by the Assessing Officer to determine the negative cash balance of ₹ 749,090/- on which the Commissioner of Income Tax (Appeals) had upheld the addition. He submitted that aforesaid cash flow is not correct because assessee had also furnished a cash flow which is placed at pages 35 and 36 of the paper book before the Commissioner of Income Tax (Appeals) and on which remand report from Assessing Officer was called for. He submitted that in the remand report Assessing Officer has not pointed as to why the cash flow chart furnished by the assessee is not correct. He also pointed to the receipts from the Karta which have been ignored by the Assessing Officer. He pointed that if those credits aggregate to ₹ 8.5 lakhs are considered, then there is no negative cash flow. Under such situation no addition is called for. 9. The Ld. D.R. on the other hand did not controvert the submissions made by the assessee but however supported the order of Assessing Officer. 10. We have heard the riva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for Shri Bhupendra Kumar Jain by his father but got wrongly credited in the account of the HUF. A fresh certificate was furnished during the appeal proceedings where m a different view was taken by the appellant in which it was submitted that the cheque received from Shri M C Jain was not a gift but an unsecured loan which was subsequently returned by Shri Bhupendra Jain to his father. In the written submissions the appellant explained that the father of the Karta intended to make gift of the said sums under consideration to his son Bhupendra Jain in his individual capacity. During the course of assessment also the lender confirmed that the made gifts to his sons in his individual capacity and not to HUF. However since the cheque was deposited in the Bank account of the HUF, it cannot by any stretch of imagination be treated as gift to HUF. Copy of confirmation submitted during the course of assessment is enclosed as per Annexure 8. On perusal of the submissions it is seen that the appellant has been offering different versions for ₹ 10,75,000/- received from Shri M C Jain. If it was in the nature of gift as explained during the assessment proceedings and wrongly credited i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -03-2015 wherein it was stated that the amount was loan and not a gift. He fairly admitted that the letter was submitted on 31-03-2015 and the assessment order of Assessing Officer was passed on 30-03-2015. He further pointed to the confirmation from Mr. M. C. Jain wherein he submitted that the amount was loan to Shri Bhupendra Jain and the same was later on returned back. He further pointed to the affidavit of Mr. M.C. Jain which is placed at pages 37 to 39 of the paper book. He submitted that no cross-examination of Mr. M.C. Jain has been done by the Assessing Officer. He further submitted that in the remand report there is no adverse finding of Assessing Officer. He therefore, submitted that when the assessee has furnished an affidavit which is not been found untrue, the contents of the affidavit cannot be discarded and for this proposition he placed reliance on the decision of Hon ble Supreme Court of India in the case of Mehta Parikh Co. Vs. Commissioner of Income Tax reported in 30 ITR 181 (SC). He therefore submitted that the addition be deleted. 14. The Ld. D.R. on the other hand supported the order of lower authorities and submitted that the repayment of loan has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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