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TMI Blog2022 (2) TMI 913X X X X Extracts X X X X X X X X Extracts X X X X ..... ough banking channel by RTGS and there is a categorical admission of loan being given to the assessee firm out of own funds and through banking channel and the same has been accepted by the AO also. The assessee need not prove the source of source . Once the existence of the person is proved and on the basis of relevant evidences it is proved that credit entry is not fake, the primary onus cast on the assessee is discharged and that assessee in such cases cannot be expected to prove the source of source. Thus, we note that assessing officer has failed to bring even an iota of evidence on record which indicates that loans received from above party actually emanated from the coffers of assessee. In the assessee`s case under considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bove addition made by the assessing officer may please be deleted. 3) Appellant craves leave to add, alter or delete any grounds(s) either before or in the course of hearing of the appeal. 3. The appeal filed by the assessee for Assessment Year 2014-15, is barred by limitation by 28 days. The assessee has moved a petition requesting the Bench to condone the delay. We have heard both the parties on this preliminary issue. Learned Counsel explained the Bench that active partner of the assessee firm went to his native place therefore appeal memo and other documents could not be signed on time, hence delay of 28 days occurred. On perusal of the condonation petition and in view of the concession given by the Ld. DR for the Revenue, we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under consideration, the assessee firm had taken unsecured loans from the following persons, namely, (a) Shri Kantilal B. Shah ₹ 6,00,000/- and (b) Shri Dineshkumar B. Shah ₹ 4,00,000/-. Both these persons are brothers and they had given temporary loan for about three months to the assessee firm for the immediate fund requirements to the assessee. Both these persons had given loan through banking channel by RTGS and the assessee firm had repaid the loan to both of them before the end of the financial year through banking channel. During the course of assessment proceedings, the assessee had submitted enough evidences to prove the identity, genuineness and creditworthiness of both the parties from whom the loans were taken, ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns, Shri Dinesh Kumar B. Shah attended and furnished the necessary details as called for by the assessing officer (AO). His statement was recorded u/s 131 of the Act on 17.12.2016 and in the statement recorded, he stated that he himself and his brother Shri Kantilal B. Shah along with their family and parents are staying together in a joint family and he also informed that his brother, Shri Kantilal Shah had gone to their native place Badmer, Rajasthan and therefore, he could not attend the office of the AO. He also explained the source of income of himself as well as his brother and also informed that both of them are regularly assessed to tax. He also categorically confirmed that he himself as well as his brother had given the above refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ini Builders. (256 ITR 230) (Guj) where it was held that no substantial question of law arises where assessee established identity of creditors by giving their complete addresses, GIR numbers/PAN as well as confirmation along with copies of assessment orders wherever available. Moreover, it is a settled law that the assessee need not prove the source of source . Once the existence of the person is proved and on the basis of relevant evidences it is proved that credit entry is not fake, the primary onus cast on the assessee is discharged and that assessee in such cases cannot be expected to prove the source of source. Thus, we note that assessing officer has failed to bring even an iota of evidence on record which indicates that loans recei ..... X X X X Extracts X X X X X X X X Extracts X X X X
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