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TMI Blog2021 (12) TMI 255X X X X Extracts X X X X X X X X Extracts X X X X ..... this contention of the assessee as from the records, it is evident that the Assessing Officer had not issued any notice to the creditors. AO ought to have made necessary inquiry from the lenders regarding their source of income etc. - considering the totality of fact hereby, set aside the finding of lower authorities qua amount received from Ms. Neha Madan and Shri R.N.Arora and restore the issue to the file of Assessing Officer for decision afresh. Needless to say that Assessing Officer would provide reasonable opportunity to the assessee. This ground of assessee s appeal is allowed for statistical purposes. - ITA No.3149/Del/2017 (Assessment Year: 2005-06) - - - Dated:- 11-10-2021 - SHRI R.K.PANDA, ACCOUNTANT MEMBER AND SHRI KUL B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer as well as Commissioner of Income Tax (Appeals-6) have not adduced any reasons for disbelieving the information and documents submitted by the assessee even in the face of circumstantial evidence in the form of subsequent events informed to the Ld. Assessing Officer and the Learned Commissioner of Income Tax (Appeals-6). 5. That in making and confirming these additions the Ld. Assessing Officer as well as Commissioner of Income Tax (Appeals-6) have completely ignored the provisions of the Income Tax Act. 6. That in making these additions the Ld. Assessing Officer as well as Commissioner of Income Tax (Appeals-6) have gone against the principles of natural justice in the light of the facts and circumstances of the case. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of Ms. Neha Madan inadvertently done by mistake and even wrong but same was rectified. Ld. Counsel for the assessee submitted that in respect of Shri R.N.Arora, Ld.CIT(A) has recorded the fact that the assessee has submitted its own bank statement but did not file any bank statement of the creditor therefore, the creditworthiness of the creditors could not be ascertained. Ld. Counsel for the assessee submitted that Revenue has sufficient power. The Assessing Officer could have issued notice and summoned the person for verifying the genuineness of the transaction but the Assessing Officer chose not to make inquiries in the prejudiced manner made addition of the amount. He submitted that the Assessing Officer has not carried out any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Revenue that the assessee has failed to discharge its onus to prove the genuineness and creditworthiness of the persons giving unsecured loans. To prove the genuineness of the transaction, it is case of the assessee that it has supplied evidence in the form of bank statement hence, the transaction was genuine and with regard to the creditworthiness, income tax return and the PAN No. of the creditor were given to the Assessing Officer. The Assessing Officer did not accept these documents and proceeded to make addition without making any independent inquiry by himself. We find merit into this contention of the assessee as from the records, it is evident that the Assessing Officer had not issued any notice to the creditors. The relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Aruna malhan AHVPM7935L 86075 86075 5. Devi Dass Malhan AHVPM7951J 10931075 10931075 6. Malhan Builders AAAFM8130D 2007000 2007000 7. Malhan Constructions AAJFM3366L 8622533 8622533 8. Manish Malhan AIDPM5790Q 4731075 4731075 9. N K Malhan AHVPM7964R 350000 350000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of acknowledgement of ROI of the lending parties, whereas copy of their bank statement for the relevant period is still missing. 6. The Assessing Officer ought to have made necessary inquiry from the lenders regarding their source of income etc. We, therefore, considering the totality of fact hereby, set aside the finding of lower authorities qua amount received from Ms. Neha Madan and Shri R.N.Arora and restore the issue to the file of Assessing Officer for decision afresh. Needless to say that Assessing Officer would provide reasonable opportunity to the assessee. The Assessing Officer shall cause inquiry from the lenders and record a clear finding regarding genuineness and creditworthiness of the lenders. This ground of assessee s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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