2012 (8) TMI 163

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....ssessment years 2006-07, while considering the returns of the assessee, the AO formed an opinion that the assessee had taken unsecured loan to the extent of Rs. 41,50,000/-. 3. The assessee's return was not accepted to the extent that the addition of Rs. 39,00,000/- was made. The Assessing Officer himself had accepted the assessee's contention about repayment of Rs. 2,50,000/- in his order within the year. The CIT (A) confirmed the addition and rejected the assessee's appeal. The Tribunal after considering the submissions and the documents which included the various materials such as affidavits of the assessee, bank statements, confirmations of accounts, copy of ledger account of creditors etc, held that the additions to the income of the ....

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.... showing the payments on following dates: - (i) 1.12.2006 by cheque Rs.9,00,000/- (ii) 23.12.2006 by cheque Rs.25,00,000/- (iii)Transfer to current account Rs.2,15,000/- (iv) 26.12.2006 by cheque Rs.2,85,000/- Total Rs.39,00,000/- From the said details, it is seen that the assessee has repaid the amount of Rs. 9,00,000/-, Rs. 25,00,000/- & Rs. 2,85,000/- by cheque drawn on HDFC Bank on 1.12.2006, 23.12.2006 & 26.12.2006 respectively and debited the same to the creditors account. The assessee has produced before us the bank statement of the assessee with HDFC Bank showing that the aforesaid amount of Rs. 9,00,000/-, Rs. 25,00,000/- & Rs. 2,85,000/- were transferred from assessee's bank account through cheque to the Account No. 314....

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....15.00 By Rebate & Discount Rs.468.20 Total Rs.8,10,919.20 Particulars Debit Amount To Sales Rs.5,52,115.20 To Sales Rs.2,58,804.00 Total Rs.8,10,919.20 (01.04.2006 to 31.03.2007) Particulars Credit Amount By Cheque on 17.04.2006 Rs.6,50,000/- By Cheque on 18.04.2006 Rs.7,20,000/- By Cheque on 19.04.2006 Rs.6,00,000/- By 23.12.2006 transfer from Loan account Rs.2,15,000/- Total Rs.21,85,000/- Particulars Debit Amount To cheque on 07.09.2006 Rs.3,50,000/- To cheque on 07.11.2006 Rs.5,00,000/- To cheque on 11.11.06 Rs.5,02,000/- To cheque on 17.11.06 Rs.8,33,000/- Total Rs. 21,85,000/- 17. From the aforesaid ledger account, it is seen that assessee had made sales of Rs. 8,10,919.20 in the F.Y. 2005-06 to ....