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TMI Blog2022 (4) TMI 1319X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Ld.CIT(A) on this ground and accordingly, the ground raised by the assessee is dismissed.. Addition u/s 68 - unexplained cash credits - HELD THAT:- Admittedly, the assessee has filed PAN, Aadhar numbers and bank details of the creditors except two creditors i.e. Sri A.Nageswar Rao for an amount of ₹ 2,00,000/- and Sri Bommala Srinivasa Rao for an amount of ₹ 2,00,000/-. Therefore, all the transactions are explained except the above said two transactions for an amount of ₹ 4,00,000/-. But the Ld.CIT(A) as well as the AO simply ignored the bank statement and passed erroneous order. Therefore, we are of the view that except these two transactions, the remaining transactions are proved by the assessee. Therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deration, against which no interest had been shown to have been paid by the assessee. The assessee was asked to produce the documentary evidence to prove the identity, creditworthiness and genuineness of the loan transactions, consequent to which, the said amount remained unexplained to the satisfaction of the AO and added back to total income u/s 68 of the Act. 3. On being aggrieved, the assessee filed appeal before CIT(A). After considering the submissions of the assessee, the Ld.CIT(A) confirmed the order of the Assessing Officer(AO) and dismissed the appeal of the assessee. 4. On being aggrieved, the assessee preferred an appeal before the Tribunal and raised the following grounds : 1. The order of the learned Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BDT s Instruction No.225/169/2019/ITA-II dated 05.09.2019 which relates to manual selection of returns for complete scrutiny, wherein scope of examination /enquiry is described in para 2(ii) in limited scrutiny cases only and whereas, the assessee s case is selected for complete scrutiny and does not have any bearing in the instant case, accordingly, dismissed the appeal of the assessee on this ground. 7. Aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before the Tribunal. The Ld.AR relied on the grounds raised by the assessee. 8. On the other hand, the Ld.DR relied on the orders of the authorities below and pleaded for upholding the order of the Ld.CIT(A). 9. We have heard both the parties and upon perusal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat mere furnishing of a copy of aadhar card, PAN card, bank statements, etc. do not suffice all the three components of cash credits. In the instant case, it is an undisputed fact that the assessee is getting huge unsecured loan without any collateral security and that too without any interest and failed to show the purpose of such loan and the repayment of these loans. There were business transactions with some of the parties instead of unsecured loan, but failed to file any supporting documents in support of his contention and substantiate the creditworthiness of unsecured loans and genuineness of the loan transaction under the purview of section 68 of the Act. Therefore, the Ld.CIT(A) dismissed this ground of appeal of the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... numbers and bank details of the creditors except two creditors i.e. Sri A.Nageswar Rao for an amount of ₹ 2,00,000/- and Sri Bommala Srinivasa Rao for an amount of ₹ 2,00,000/-. Therefore, all the transactions are explained except the above said two transactions for an amount of ₹ 4,00,000/-. But the Ld.CIT(A) as well as the AO simply ignored the bank statement and passed erroneous order. Therefore, we are of the view that except these two transactions, the remaining transactions are proved by the assessee. Therefore, we confirm the transactions of Sri A.Nageswar Rao and Sri Bommala Srinivasa Rao for an amount of ₹ 4,00,000/- (two lakhs each). For remaining amount, the assessee has explained the genuineness of the t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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