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TMI Blog2021 (1) TMI 665X X X X Extracts X X X X X X X X Extracts X X X X ..... dhary Sr.D.R. ORDER PER AMIT SHUKLA, J.M.: The aforesaid appeal has been filed by the Revenue against the impugned order dated 23.02.2017, passed by Ld. Commissioner of Income Tax (Appeals)-IX, New Delhi for the quantum of assessment passed u/s.153C read with Section 153A for the Assessment Year 2008-09. In the grounds of appeal, the Revenue has taken following grounds. "1. The order of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in not appreciating that the loans taken during AY 2008-09 were repaid only after the commencement of assessment proceedings." 2. The brief facts qua the issue raised in the grounds are that the assessee is an individual. A search and seizure action was carried out u/s.132(1) on 19.10.2011 at the premises of Agarwal Associates and Jainco Group of cases. During the course of search certain materi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that assessee had taken money from her husband Shri P.K. Jain in Financial Year 2007-08 and was also shown as a sundry creditor in her books of accounts and this amount later on has been squared up by treating it as a gift given by her husband. Thus, he presumed that this is some kind of modus operandi carried out by the assessee for treating loans as gift in her books and accordingly, he treat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on to repay the same on demand as has been held in the following case law. * ACIT vs. Saranpal Singh, HUF in ITA 692/Chd/2009 * Chandrakant H. Shah vs. Income Tax Officer, 124 ITD 177/121 TTJ 145 * JCIT vs. Virat Dhingra, ITA No. 1141/DHD/2011, order dated 01/05/2012 * Income Tax Officer Vs. Rajesh Gulati, ITA No.1129/CHD/2009, order dated 31/08/2010. 10.3 Therefore, the addition is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oan to gift, especially when in the books of account amount has been reflected as loan. The ld. counsel for the assessee has brought on record that, these loans has been repaid back in the subsequent year, and therefore, amount which has been treated as loan in the books of account and has also been repaid back as a loan, same cannot be treated as a gift. We do not find any reason to interfere in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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