9911796707
TMI Blog2016 (12) TMI 1795X X X X Extracts X X X X X X X X Extracts X X X X ..... name and address of these parries. By filing all these documentary evidences, the assessee had discharged its primary onus. However, even after furnishing all these details, the AO failed to issue notice to above parties u/s.133(6). We restore the matter back to the file of the AO with a direction to the AO to issue 133(6) to the concerned creditor to find out their genuineness and for obtaining their confirmation. Accordingly, AO is to decide the issue afresh after giving due opportunity to the assessee. Appeal of the assessee is allowed for statistical purposes. - ITA No.5103/Mum/2015 (Assessment Year :2007-08) - - - Dated:- 23-12-2016 - Shri R.C.Sharma, AM And Shri Pawan Singh, JM Assessee by: Shri Firoz Andhyarajin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 1,07,650 ignoring the settled law and the principles of mutuality 6. The CIT (A) erred in levying interest u/s 234A, 234B and 234C 3. Rival contentions have been heard and record perused. 4. Facts in brief are that assessee is an association of person declaring the income of ₹ 6,65,966/-. The assessee received Notice dated 28th March, 2012 u/s 148 of the Income Tax Act, 1961. The assessee filed the return of income on 18th October, 2012 pursuant to the Notice U/s 148 of the Act.. This return of income was filed declaring the same income of ₹ 6,65,966/- which was declared in the return of income earlier filed. 5. During the course of assessment AO observed that the assessee has taken followin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... support of the proposition that assessee has discharged primary onus, therefore, burden is shifted to the revenue to disapprove the contention of assessee with regard to genuineness of credits. 9. We have considered rival contentions and found from record that the assessee has taken certain unsecured loans in the earlier years from seven parties, totaling to ₹ 17,50,000/-. The same amount in respect of ITA No.5103/Mum/2015 Shree Krishna Hindu Merchant Club the same parties as was outstanding as on 31st March, 2006 was also outstanding as at 31st March, 2007. Out of this in the assessment order, the addition has been made in respect of following three loans: Name of the Party Amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26/06/2007 P.K. Khurana 2,50,000/- 979738- ICICI Bank 19/07/2007 Bhagwan G. Punwani 2,50,000/- 979769- ICICI Bank 19/07/2007 Ravi Kiran Agarwal 2,50,000/- 979770- ICICI Bank 20/07/2007 P.K.Khurana 2,50,000/- 979768- ICICI Bank 12. The assessee has also filed copies of ledger account of above three parties. The assessee has also filed the copies of bank ..... X X X X Extracts X X X X X X X X Extracts X X X X
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