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TMI Blog2024 (6) TMI 514X X X X Extracts X X X X X X X X Extracts X X X X ..... he amounts are high whether it is interest free or with interest, the creditor certainly keeps records when the loans were given. But here, no such evidences were furnished by the assessee. No acknowledgment regarding the receipt of loans by the borrowers were obtained by the assessee when loans were given to various persons. It is after the initiation of assessment proceedings affidavits from the borrowers are furnished during the assessment proceedings. Therefore, the claim of the assessee that she had given interest free loans to various persons and they have repaid that loan amounts are not tenable. Accordingly, the observations of the ld. AO and of the ld. CIT(A) on the issue of repayment of the interest free loans ought to be upheld a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g cash deposit of Rs. 18,00,000/- to her bank account from the selling of her house property. Accordingly, we delete addition partly and remaining amount of cash deposits assessee failed to furnish acceptable evidence. Hence ground partly allowed. - SHRI MANJUNATHA. G, ACCOUNTANT MEMBER AND SHRI MANOMOHAN DAS, JUDICIAL MEMBER For the Appellant : Shri A. Arjun Raj, C.A For the Respondent : Shri P. Sajit Kumar, JCIT ORDER PER MANOMOHAN DAS, J.M: This appeal by the assessee is directed against the order of the Commissioner of Income-Tax (Appeals), National Faceless Appeal Centre, Delhi [CIT(A)] dated 27-10-2021 and pertains to the Assessment Year [AY] 2012-13. The grounds of the assessee are as under: 1. The assessment made is against law an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Commissioner of Income Tax-2, Coimbatore. The notice was returned by the postal authorities. However, the new address of the assessee was traced out and notice duly served. Notice u/s 143(2) of the Act dated 04-12-2019 was issued and duly served upon the assessee and in response, the assessee filed her return of income on 29-08-2019 declaring total income of Rs. 2,57,480/- under the head Income from Capital Gains . The assessee also submitted that one residential property was sold during the relevant previous year. The ld. AO during the assessment proceedings observed that the assessee had made cash deposits amounting to Rs. 42,90,000/- on various dates during the period from 29-09-2011 to 01-12-2011 in her SB account bearing No. 3196555 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resent appeal before the Tribunal. 6. Heard the representatives of both the parties and perused the materials on record. The Ld. AR submitted that the ld. AO had issued notice to the assessee mentioning the wrong address of the assessee. The Ld. AR also submitted that the ld. AO as well as the ld. CIT(A) did not consider the selling of the house property, jewellery and affidavits executed by the borrower. Per contra, the Ld. DR submitted that no notice was sent to the assessee mentioning the wrong address of the assessee. The address which was mentioned in the notice is the same as is stated in form No. 36 by the assessee. The Ld. DR supported the orders of the lower authorities. 7. As the submission of the Ld. AR is found not tenable by us ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... advanced interest free loans to various persons. Except the affidavits of the borrowers, no other evidence regarding the loan given to various persons were submitted by the assessee. These affidavits are executed on 02-01-2020. In our view, when a person gives loans to other persons and the amounts are high whether it is interest free or with interest, the creditor certainly keeps records when the loans were given. But here, no such evidences were furnished by the assessee. No acknowledgment regarding the receipt of loans by the borrowers were obtained by the assessee when loans were given to various persons. It is after the initiation of assessment proceedings affidavits from the borrowers are furnished during the assessment proceedings. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... horities. No claim without any supporting evidence thereon can be accepted. Accordingly, we reject the claim of the assessee that she sold jeweler for an amount of Rs. 5,00,000/- and deposited that amount by her into her bank account. Thus, we decide this issue of selling of jewellery against the assessee. 13. To sum up, out of addition of Rs. 42,90,000/- the assessee succeeded in proving cash deposit of Rs. 18,00,000/- to her bank account from the selling of her house property. Accordingly, we delete addition of Rs. 18,00,000/-. However, the remaining amount of cash deposits (Rs.42,90,000/- - Rs.18,00,000/- = Rs. 24,90,000/-), the assessee failed to furnish acceptable evidence. Hence, we uphold the addition of Rs. 24,90,000/- to the total ..... X X X X Extracts X X X X X X X X Extracts X X X X
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