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TMI Blog2020 (2) TMI 651X X X X Extracts X X X X X X X X Extracts X X X X ..... r authorities, it is apparent that assessee has failed to prove the creditworthiness of the above loans. Assessee has failed to show creditworthiness of both the lenders. Hence, we do not find any infirmity in the orders of the lower authorities in sustaining the above addition u/s 68 - Decided in favour of revenue - ITA No. 5904/Del/2018 (Assessment Year: 2015-16) - - - Dated:- 13-1-2020 - SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER AND SHRI K.N. CHARY, JUDICIAL MEMBER Assessee by: None Revenue by: Ms. Ekta Vishnoi, Sr. DR ORDER PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by the assessee against the order of the ld CIT(A), Muzaffarnagar dated 20.06.2018 for the Assessment Year 2015-16. 2. The asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. That the ld CIT(A) is absolutely wrong in not considering the evidences in support and confirmation of depositors and also wrong in brushed aside all the evidences submitted before him during the course of assessment, proceeding merely on suspicion, conjecture and surmise. 6. That the assessment is erroneous, contrary to the facts and law of the case, therefore, additions made by the ld AO and sustaining by the Ld CIT(A) must be deleted and merit to be modified. 3. The facts shows that the assessee is a private limited company, filed return of income on 26.09.2015 at Nil income. Assessee is a company which is deriving its income from trading of medicine. The assessee have directors Shri Neeraj Handa, Smt Kamlesh Handa a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent that assessee has taken unsecured loan of ₹ 128500/- and ₹ 88000/- from Smt Neha Handa and Neeraj Handa. The cash was deposited in the bank account of those persons before issue of cheque in favour of the assessee. The assessee submitted that the above sum was out of their past savings and current income. The assessee has also furnished their statement of affairs as on 31.03.2014. The ld CIT(A) noted that in the case of Neha Handa, cash of ₹ 40,000/- and ₹ 48500/- has been deposited on 17.04.2014 and 26.05.2014 respectively. From this cash deposit the cheque was issued to the assessee. The assessee did not furnish the source of fund available with her as she is not maintaining regular books of account. The ld CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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