TaxTMI 
TaxTMI 
2012 (11) TMI 836
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....ived various loans from different parties out of which the AO was not accepted the genuineness of the loans in respect of four parties, namely, Rs. 70,000/- in the name of Ms. Kasmira Doshi, Rs. 40,000/-in the name of Priyanka Doshi, and Rs. 50,000/- in the name of Ms. Shreya Doshi. The AO found that the said parties were minors. During the course of assessment proceedings, the assessee filed confirmations along with bank statements. Not satisfied with the said evidence, the AO issued summons u/s 131 in respect of the said minor parties. Since the assessee failed to produce the said parties before the AO, the AO confirmed the addition of Rs. 1,70,000/-. On appeal, the CIT(A) confirmed the order of the AO. The assessee carried the matter in ....
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....I will tell the truth Q.No.2 Please furnish the Income-tax details with PAN A: I am assessed to Income tax vide PAN AFUPD1460L, I am filing my income tax return with ITO. Q.No. 3 What nexus with West Coast Diesel Ltd. A: I am not aware of the West Coast Diesel Ltd. Q.No. 4. Have you made any transactions with West Coast Diesel Ltd., if made why you have made?. To whom do you know from the said company, who has requested or asked you to make the financial transaction with the company. A: I am not aware of any transactions made with West Coast Diesel Ltd. and I do not know. My Husband Mr. Sanjay Doshi may aware of such transactions. Q.No. 5 Who used to deposit any amount in your saving bank account and who used to ....
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.... my saving account. Q.No. 6 What was the age of your daughter Ms. Krishma R. Doshi during the FY 2000-01 and has she received any gift above Rs. 5000, on which occasion and who has given such gifts. During the FY 2000-01 my daughter's age was 4 year old, we used to receive gifts to my daughter but there was no one who had gifted above Rs. 5000/-." A: I am not aware of any transactions made with West Coast Diesel Ltd. and I do not know. My Husband Mr. Rajesh Doshi may aware of such transactions." 4. The learned AR of the asesssee submitted before the AO that he wanted to cross-examine the above two ladies, namely, Priti Doshi and Rekha Doshi. However, the AO had concluded that the loan received by the assessee from the minor of t....
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....ly accepting and partly not accepting loans taken from the same bank account. This contention of the appellant is also not sustainable. Under section 68 of the income tax act, only loans which are not explainable, can be treated as income of the appellant. The AO found that ladies could not explain the source of cash deposits of Rs. 1,20,000/- in the bank account of Mrs. Rekha Doshi and deposit of Rs. 50,000/- in the bank account of Mrs. Priti Doshi. Since the other deposits in the bank accounts of these ladies were explainable, AO was justified in not accepting part of the loans as genuine. From the statements of ladies, which the AO recorded in the assessment proceedings, it is clear that these two ladies are not aware of the appell....