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TMI Blog2021 (10) TMI 160X X X X Extracts X X X X X X X X Extracts X X X X ..... in additional evidences furnished before learned Commissioner (Appeals) were not accepted purely on technical ground - we are inclined to restore the issue to the file of learned Commissioner (Appeals) for not only considering the additional evidences filed before him but also before us, as well. We further direct learned Commissioner (Appeals) to conduct adequate enquiry based on the additional evidences, either by himself, or get it done through the assessing officer by way of remand proceedings. Based on such enquiry, learned Commissioner (Appeals) must decide the issue through a speaking order after due opportunity of being heard to the assessee. Grounds are allowed for statistical purpose. - I.T.A. No. 3748/Mum/2019 - - - Dated:- 27- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oncerned loan creditors. As mentioned by the assessing officer, some loan creditors viz. Shri Rajneesh Dhawan and Smt. Yamini Bhat did not furnish the required documents. The assessing officer observed, through initial departmental enquiry it was found that the concerned individuals have not filed their income-tax returns. Thus, ultimately, the assessing officer treated loan received of ₹ 1 crore from Shri Rajneesh Dhawan and ₹ 40 lakhs from Smt. Yamini Bhat as unexplained cash credit under section 68 of the Income-tax Act, 1961 and added to the income of the assessee. Though, the assessee contested the aforesaid additions before learned Commissioner (Appeals); however, the additions were sustained. 4. Learned counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also been proved. He submitted, since the entire loan transaction was conducted through banking channel, the genuineness cannot also be doubted. Proceeding further, he submitted, Shri Rajneesh Dhawan was an ex-employee of Air India and known to the assessee. He submitted, not only he has confirmed the loan transaction, but has also been able to obtain bank statement of the lender demonstrating availability of funds. He submitted, the assessee has availed the loan from Rajneesh Dhawan at a monthly interest rate of 0.75%. He submitted, the assessee has not only paid the interest to the lender, but has also deducted tax at source. As far as Smt. Yamini Bhat is concerned, learned counsel submitted, she is a resident of UAE and the loan amount h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osely known to him. There is no dispute that the loan amounts have been received by the assessee through banking channel. It is also a fact on record that the assessee has furnished documentary evidences to establish the identity of the creditors. Even, loan confirmations from the concerned creditors have been furnished before the first appellate authority. However, learned Commissioner (Appeals) has refused to take cognizance of the same as they were not produced before the assessing officer. Before us also the assessee has furnished fresh documentary evidences by way of additional evidence. 8. On perusal of the bank statement of Rajneesh Dhawan it is observed that he was having sufficient fund available in the bank account by way of en ..... X X X X Extracts X X X X X X X X Extracts X X X X
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