9911796707
TMI Blog2019 (4) TMI 1369X X X X Extracts X X X X X X X X Extracts X X X X ..... d. Therefore, without verifying the necessary details filed by the assessee, there cannot be any addition u/s 68 of the Act. See MURLIDHAR LAHORIMAL VERSUS COMMISSIONER OF INCOME-TAX. [ 2005 (11) TMI 32 - GUJARAT HIGH COURT] - no addition can be made in the hands of the assessee u/s 68. Hence, we set aside the order of the CIT(A) and direct the Assessing Officer to delete the addition made by him. Thus, the ground of appeal of the assessee is allowed. - ITA No. 936/Ahd/2014 - - - Dated:- 1-2-2019 - Shri Waseem Ahmed, Accountant Member And Ms. Madhumita Roy, Judicial Member For the Appellant : Shri Shri Anil R. Shah And Ms. Kinjal Shah, ARs For the Respondent : Shri S.K. Dev, Sr.DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Your Appellant have proved source of amounts received from creditors and therefore the said amount of ₹ 8,20,000/- is not liable to be added to the total Income. 3. At the outset, the ld. Counsel for the assessee submitted that he had been instructed not to press the addition made u/s 68 of the Act for the loan of ₹ 20,000/- received from Shri Alok Chaudhary. Therefore, we dismiss the Ground of appeal of the assessee relating to the addition for ₹ 20,000/- u/s 68 of the Act on account of loan received from Shri Alok Chaudhary. 4. The solitary issue raised by the assessee is that the Ld.CIT(A) erred in confirming the order of the Assessing Officer by sustaining the additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the ledger account of Smt. Laxmi R. was wrongly credited in place of Shri Venketaramn in his books of accounts intentionally. As such, the loan was provided by Shri Venketaraman on behalf of his wife, Smt.Laxmi R. 6.2. However, the Ld.CIT(A) observed certain facts as detailed under: (1) Shri Venketaraman has not furnished the copy of bank statement since the beginning of the financial year. Therefore, it is difficult to ascertain whether Shri Venketaraman provided such loan out of his opening balance. Accordingly, the Ld.CIT(A) doubted the creditworthiness of Shri Venketaraman. (2) There was no balance-sheet, capital account of Shri Venketaraman filed by the assessee. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rities below by observing that the conditions stipulated u/s 68 of the Act were not complied. 10.1. On perusal of the orders of the authorities below, we note that the assessee has furnished the bank statement, Form 26 AS and confirmation, the copy of income-tax return but the authorities below have not pointed out any defect in such detail filed by the assessee. 10.2. In case, the details as discussed above were not believable, then the authorities below were empowered to verify the same to the concerned party, but none of the authority below has exercised power given under section 131/133(6) of the Act. Once the assessee has submitted basic details of the party from whom he has taken a secured loan, then ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... creditors by giving their complete addresses, GIR numbers/permanent account numbers and copies of assessment orders wherever readily available - Assessee had also proved capacity of creditors by showing that amounts were received by account payee cheques drawn from bank accounts of creditors - Repayment of loans and interest thereon was also made by account payee cheques by assessee and tax also had been deducted at source on interest payments and remitted - Whether assessee was not expected to prove genuineness of cash deposited in bank accounts of creditors, because under law, assessee can be asked to prove source of credits in its books of account but not source of source - Held, yes - Whether merely because summons i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
