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TMI Blog2022 (3) TMI 210X X X X Extracts X X X X X X X X Extracts X X X X ..... rvation. When the AO noticed that there was deposit of cash just before the cheque was given to the assessee as loan, then that should have been the triggering point to enquire into the genuinety of the claim; and he should have enquired from these lenders about the purported deposit of cash in their accounts before lending money to assessee. However, no such enquiry has been made by the AO to draw adverse inference against this loan transaction. Moreover, it is noted that the AO on same breath has given a finding of fact that these seven creditors had enough cash in hand as on 31.03.2012 - no addition u/s. 68 of the Act was warranted . Therefore, the addition and the interest payment is directed to be deleted. - I.T.A. No. 465/Kol/202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 1,40,000/7- ₹ 6.498-/- c) Usha Devi Gupta ₹ 170000/- ₹ 8,402/- d) Ashok Kumar Gupta ₹ 175000/- ₹ 8135/- e) Om Prakash Gupta ₹ 118.000/- ₹ 4595-- f) Ankit Gupta ₹ 1,90 ,000/- ₹ 10464/- g) Anita Gupta ₹ 80,000/- ₹ 3,589/- Total ₹ 12,38,000/- ₹ 53,661/- The Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee had received loan from seven individuals to the tune of ₹ 12,38,000/- and has claimed to have paid an interest of ₹ 53,661/- (supra). According to AO, these loan creditors are all family members of the assessee and that just before the loan was paid by cheque to the assessee, there was cash deposit to facilitate the issue of cheque to the assessee. According to AO, when confronted with this fact, the assessee brought to the notice of the AO that the assessee has taken unsecured loan from these seven (7) parties and that he would be able to prove the nature and source of the credit entry to the tune of ₹ 12,38,000/- i.e. the identity, creditworthiness and genuineness of the transaction as contemplated u/s 68 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee in this case has filed the following documents to prove the identity, creditworthiness and genuineness of the loan transaction. In such a back ground, unless the material placed by the assessee to prove the nature and source of the credit entry is rebutted by the AO, no addition can be made u/s 68 of the Act: (i) Confirmation of Account, (ii) ITR filed for AY 2012-13 of all seven (7) loan creditors, (iii) Balance Sheet of each loan creditor as on 31.03.2012, (iv) Copy of the Bank statement 7. From a perusal of the aforesaid documents, I find that all the seven individuals who have lent money to the assessee to the tune of ₹ 12,38,000/- has filed the aforesaid documents to prove the identity, creditworthiness a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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