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TMI Blog2019 (3) TMI 1245X X X X Extracts X X X X X X X X Extracts X X X X ..... editworthiness of the creditors not proved, etc. On a specific query from the Bench the learned Departmental Representative submitted that there is no loan confirmation form / format prescribed in the statute. Therefore, the aforesaid allegation of the Assessing Officer is totally irrelevant. As regards the genuineness of the loan transaction and creditworthiness of the creditors are concerned, it is a fact on record that in course of assessment proceedings, the assessee has not only furnished loan confirmations of all the creditors but has also furnished their income tax return copies, bank account copies, Balance Sheet, ledger account copies, etc. On a perusal of these documents it is evident that all the loan transactions were carrie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT DEY, J.M. The aforesaid appeals have been filed by two different assessees challenging two separate orders,both dated 25th January 2018, passed by the learned Commissioner (Appeals) 48, Mumbai, pertaining to assessment year 2011 12. ITA no.2034/Mum./2018 2. At the outset, the learned Authorised Representative submitted that ground no.1 is not pressed, since, in case of the assessee the assessment for the impugned assessment year has abated. Accordingly, ground no.1, is dismissed as not pressed. 3. In ground no.2, the assessee has challenged the addition made of ₹ 10,18,986, under section 68 of the Income Tax Act, 1961 (for short the Act ). 4. Brief facts are, the assessee is an individual. He has filed his ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made by the Assessing Officer. 6. The learned Authorised Representative submitted, in course of assessment proceedings, the assessee had proved the genuineness of the loan transactions by furnishing adequate documentary evidences including confirmations from the loan creditors. He submitted, all loan creditors are income tax assessees and the entire loan transaction was through banking channel. He submitted, the Assessing Officer has treated the unsecured loan availed by the assessee as unexplained cash credit on flimsy grounds that loan confirmations are not in prescribed format and the lenders do not have creditworthiness. Taking us through documentary evidences filed in the paper book the learned Authorised Representative submitted, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted that there is no loan confirmation form / format prescribed in the statute. Therefore, the aforesaid allegation of the Assessing Officer is totally irrelevant. As regards the genuineness of the loan transaction and creditworthiness of the creditors are concerned, it is a fact on record that in course of assessment proceedings, the assessee has not only furnished loan confirmations of all the creditors but has also furnished their income tax return copies, bank account copies, Balance Sheet, ledger account copies, etc. On a perusal of these documents it is evident that all the loan transactions were carried out through proper banking channel. Moreover, the bank account copies also reveal regular transaction. The Balance Sheet and Capit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relating to the disputed issue are more or less identical to ITA no.2034/Mum./2018, except for the fact that in addition to the three lenders who also advanced unsecured loan to assessee s husband Shri Devang Gandhi, there is one more lender viz. Smt. Neha Agarwal, who advanced loan of ₹ 1.50 lakh. In this case also, the Assessing Officer has made the addition without conducting any independent enquiry.If the Assessing Officer was having any doubt with regard to the genuineness of loan transaction or creditworthiness of the creditors, he should have conducted proper enquiry before concluding that the loan transaction is non genuine or in the nature of unexplained cash credit. Without bringing any material on record to establish the af ..... X X X X Extracts X X X X X X X X Extracts X X X X
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