2014 (2) TMI 373

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....000/- made by the Assessing Officer u/s. 68 of the I.T. Act, 1961 without appreciating that the assessee failed to establish the credit worthiness of the loan creditor. (2) Whether on the facts, circumstances and in the law, the Ld. CIT(A) was justified in deleting the addition of Rs.35,00,000/* made by the Assessing Officer u/s.68 of the I.T. Act without appreciating the fact, that, the loan creditor was not a person of means and material, in as much as that the loan creditor had no substantial income/funds to advance such big amount of loan?" 2. The grievance of the Revenue in both the above noted grounds of appeal is regarding the deletion of the addition of Rs.35 lakhs which was made by the AO into the income of the assessee under....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....azdar to furnish assessment particulars, creditworthiness of the said Mr. Abdul H. Gazdar, who has been a resident of United Kingdom (England). Since the assessment particulars and creditworthiness of Mr. Abdul H. Gazdar, a resident of UK (England) was not proved, hence the AO taxed Rs.35,00,000/- in the hands of the present appellant company under section 68 of the Act. 3. In appeal, the ld. CIT(A) observed that said Mr. Aamir Gazdar had duly explained the source of money in his hands. Even he had also proved the source of money at the hands of his creditor Mr. Abdul H. Gazdar, resident of UK (England). Not only the confirmation letter from the said Mr. Abdul H. Gazdar but his duly signed affidavit was also produced before the AO. It wa....