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TMI Blog2016 (11) TMI 1659X X X X Extracts X X X X X X X X Extracts X X X X ..... anced out of agricultural loan obtained from UBI and thus, the creditworthiness of the loan creditor is proved for advancing the loan of ₹ 4 lakh to the assessee. Hence set aside the orders of lower authorities on this issue and delete the addition - Ground No.1 of the appeal is partly allowed. Addition u/s.68 for deposit of cash and cheque in the bank - assessee failed to explain the source of the same - HELD THAT:- Source of the deposit also could not be explained before the ld CIT(A). Before us A.R. submitted that the deposit of ₹ 8 lakhs in the bank was the sale proceeds from the business of the assessee of fruits and bricks. However, he could not place any evidence on record to substantiate his claim. Therefore, the ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the appeal, the grievance of the assessee is that the ld CIT(A) erred in sustaining the addition of ₹ 6 lakhs being unsecured loan of ₹ 4 lakhs received from late Banamali Bisoye (father in-law of the assessee) and ₹ 2 lakhs received from Sri Simachal Panda. 3. I have heard the rival submissions and perused the materials available on record. In the instant case, the Assessing Officer observed that the assessee has received unsecured loan of ₹ 4 lakhs from Late Banamali Bisoye and ₹ 2 lakhs from Sri Simachal Panda. The Assessing officer required the assessee to explain the source of cash deposit of ₹ 4 lakhs and deposit of ₹ 4,00,000/- in cheque on 3.3.2008 in SB A/c No.764321107 maintained i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nother cheque of ₹ 1,00,000/- was given on 18.3.2008 to the assesse by depositing ₹ 1,00,000/- on 18.3.2008. Further, the source of deposit of cash by the loan creditor Shri Simachal Panda could not be satisfactorily explained by the assessee either before the Assessing Officer or before the ld CIT(A) or even before me. Thus, the creditworthiness of the loan creditor Sri Simachal Panda could not be proved. Hence, I find no good reason to interfere with the order of the ld CIT(A) and, therefore, this part of ground of appeal is dismissed. 7. Regarding loan of ₹ 4 lakhs from Late Banamali Besoyee, it is observed from the bank statement of United Bank of India, B.D.Pur placed at page 5 of PB that ₹ 4 lakh was advanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w submission being made by the assessee for the first time before the Tribunal, which was not made either before the Assessing Officer or before the ld CIT(A) and, therefore, the same cannot be entertained by the Tribunal. 13. I have heard the rival submissions and perused the materials available on record. I find that the addition of ₹ 8 lakhs was made in the hands of the assessee u/s.68 of the Act for deposit the cash of ₹ 4 lacs and cheque of ₹ 4 lakhs in the bank on 3.3.2008 as the assessee failed to explain the source of the same. The source of the deposit also could not be explained before the ld CIT(A). Before me, ld A.R. submitted that the deposit of ₹ 8 lakhs in the bank was the sale proceeds from the bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18. Before me, ld A.R. of the assessee submitted that the addition was required to be deleted. 19. On the other hand, ld D.R. relied on the orders of lower authorities. 20. I find that the addition of ₹ 5 lakhs was made u/s.68 of the Act on account of loan received from Shri Sannyasi Jena as the assessee failed to produce the loan creditor before the Assessing Officer. The adverse inference against the assessee cannot be drawn by the Assessing Officer merely from the fact that the assessee could not produce the creditors before the Assessing Officer for examination. Under the Income tax Act, the power has been conferred on the Assessing Officer to secure the presence of a person and no power has been conferred upon the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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