9911796707
TMI Blog2023 (3) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... s wife - Assessee drew attention to account statement of assessee of IDBI bank, wherein there is credit entry on account of jewel loan - The assessee tried to explain this entry. But, apart from assessee s bank statement, he could not submit that this amount has been received against jewel loan. Hence, to that extent, confirm the addition. The appeal of the assessee is partly allowed. - I.T.A. No. 237/Chny/2023 - - - Dated:- 10-3-2023 - SHRI MAHAVIR SINGH , VICE - PRESIDENT For the Appellant : Mr. P. M. Kathir , Advocate For the Respondent : Mr. S. Chandrasekaran , JCIT ORDER This appeal filed by the assessee is arising out of order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .Ltd. and the assessee remitted monthly installment of Rs.12,760/- upto December, 2012 towards vehicle loan. Thereafter, due to financial constraints, the assessee could not pay said loan from January, 2013 onwards and hence, he sold the vehicle to one Mr.R.Vallinayagam, resident of No. 60, Salai Street, Megalingapuram, Tirunelveli. This car was sold to Mr.R.Vallinayagam for a consideration of Rs.4,50,000/- on 07.01.2013. The outstanding loan as on that date i.e., 07.01.2013 was Rs.4,96,350/- towards M/s. Mahindra Mahindra Financial Services Pvt.Ltd. The assessee utilized sale proceeds of Rs.4.50 lakhs plus proceeds of jewel loan of assessee s wife amounting to Rs.46,350/- settled the outstanding loan of Rs.4,96,350/-. Subsequently, after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ansport Department shows that vehicle bearing registration No. TN 72AW 8793 was registered on 16.05.2012 in the name of Vallinayagam R., son of Ramakrishnan, resident of 60 Salai Street, Megalingapuram, Tirunelveli, Tamil Nadu 627001 and that the previous owner was Sundarraj. The previous copy of registration certificate from State Transport Department filed on 27.09.2022 has a hand written note below which states that the purchase value of Bolero LX was Rs.6,88,930/-, for which a loan of Rs.5,40,000/- was availed on 11.04.2012 and subsequently it was sold for Rs.4,50,000/- and loan of Rs.4,96,360/- was repaid on 07.01.2013. However, there is no documentary evidence regarding the veracity of the hand written note below the copy of registrat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.2012 by raising finance from M/s. Mahindra Mahindra Financial Services Pvt.Ltd. The account statement of M/s. Mahindra Mahindra Financial Services Pvt. Ltd. also depicts first installment as on 11.04.2012 and due amount shown as Rs.13,220/- which was received by M/s. Mahindra Mahindra Financial Services Pvt.Ltd. on 11.04.2012. This clearly reveals that the assessee purchased this car only on 18.04.2012 and sold the car to one Mr.Vallinayagam on 07.01.2013, which was actually transferred by RTO on 18.02.2013. Hence, there is no dispute about facts and payment made by Mr.Vallinayagam on 07.01.2013 was repaid by the assessee against loan outstanding of M/s. Mahindra Mahindra Financial Services Pvt.Ltd.. Hence, I find no infirmity in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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