9911796707
TMI Blog2022 (4) TMI 1375X X X X Extracts X X X X X X X X Extracts X X X X ..... ing provisions of Section 68 of the Act. If the amount is credited in the bank account of the assessee in this year and has been shown as a loan in the books this year; and when the Assessing Officer is not doubting the identity, genuineness and creditworthiness of the transaction, then I do not find any reason as to why the addition under Section 68 of the Act can be made. Just because, the cheque has been cleared in the next financial year, it does not mean the amount credited in books when cheque was received on 31st March is unexplained income of this year. If Assessing Officer is treating that it is not the amount received during the year, ostensibly then the addition under Section 68 could not have been made in this year. Thus, no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one of the reasons for scrutiny was un-secured loans from the persons who have not filed the return of income. The Ld. Assessing Officer noted that assessee had shown to have received loans aggregating to Rs. 1,23,70,820/- from Shri Sachin Kumar, who is the Director of the company. Assessing Officer also noted that the assessee has filed the details of loans taken from Shri Sachin Kumar along with his ITRs and bank statements etc. However, the Assessing Officer noted on perusal of the bank statements that increase of the loan appeared in the confirmation were not verifiable from the bank statement of Shri Sachin Kumar filed by the assessee. He observed that amount of Rs. 18,60,820/- which has been shown by the assessee to have been receive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of Rs. 18,60,820/- as deemed income of assessee u/s. 68 of the Income Tax Act, 1961. 4. Before the CIT (Appeals), the appellant had given copy of account of Shri Sachin Kumar, in the books of accounts of the assessee and also the bank details which has been incorporated from page Nos. 3 to 6. It was stated that the cheque was received on 31.10.2015 for an amount of Rs. 18,60,820/-. However, the amount was transferred to the account of the assessee on 27.06.2015 only in the next financial year. Even after calling of the remand report and the assessee's explanation in this regard the Ld. CIT (Appeals) has confirmed the said addition after observing as under:- It is seen that the said transaction was credited in appellant's ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly on the ground that sum of Rs. 18,60,820/- has come in the account of the assessee in the next financial year and, therefore, this loan has been treated as non-genuine in this year which has been taxed under the deeming provisions of Section 68 of the Act. If the amount is credited in the bank account of the assessee in this year and has been shown as a loan in the books this year; and when the Assessing Officer is not doubting the identity, genuineness and creditworthiness of the transaction, then I do not find any reason as to why the addition under Section 68 of the Act can be made. Just because, the cheque has been cleared in the next financial year, it does not mean the amount credited in books when cheque was received on 31st March ..... X X X X Extracts X X X X X X X X Extracts X X X X
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