9911796707
TMI Blog2013 (6) TMI 906X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee had received cash credit of ₹ 10700000/- during the previous year relevant to assessment year in appeal from Smt. Anjali Baijal, a non resident Indian, settled at United Kingdom. The cash credit was received through cheque drawn on NRE (External) held with ICICI Bank Ltd., Bhopal. The A.O. treated the cash credit as unexplained and made impugned addition of ₹ 1,07,00,000/- u/s 68. 3. After considering the evidence filed by the assessee, the CIT(A) deleted the addition after making the following observations :- 2.3 I have examined the issue. The identity of the creditor is established in view of the passport submitted before the AO. The certificate of net worth issued by Shri Sanjay Chaddha, Financial Service Adviso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edit worthiness of Shri Sanjay Choudhary, Financial Service Advisor, cannot be accepted in the absence of corroborative evidence.Accordingly, she contended for setting aside the order of CIT(A) and for upholding the order of AO. 5. Shri S.S. Deshpande, appearing on behalf of the assessee contended that identity of the creditor was established in view of the passport submitted to the AO. Net worth was also proved by the certificate issued by the financijal service advisor. He contended that initially the amount was received from Anjali Baijal as unsecured loan which was subsequently transferred to share application money. The amount of share application was repaid by the account payee cheque as per instructions of Anjali Baijal to the ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also sent Inspector for recording the statement of M.M. Shukla, relative of the assessee whose address was mentioned in the bank account of Smt. Anjali Baizal. The statement was recorded wherein he stated that he knows Anjali Baizal since 26 years and Anjali Baizal is house wife since last seven years. The mandate holder of account of Smt. Anjali Baizal is Smt. Pragati Shukla wife of Shri M.M. Shukla. From the accounts of the company alongwith bank account we find that the assessee company has refunded ₹ 95,90,000/- by issuing cheques in the name of Shri Jaswant Patel on the written instructions of Smt. Anjali Baizal for issuing cheque in favour of Jayvant B. Patel. Two cheques of ₹ 4 lacs dated 1.5.2008 and ₹ 91,90,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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