TaxTMI 
TaxTMI 
2014 (2) TMI 840
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.... and to this effect Assessee filed a petition requesting for condonation of delay. Assessee also filed an affidavit affirming the reasons for the delay mentioned in the petition for condonation of delay. After hearing the parties and perusing the record, we find that Assessee was prevented by reasonable cause for filing these appeals within the stipulated time, and, therefore, we condone the delay and admit the appeals for adjudication. ITA NO. 1942/Hyd/2011 - for AY 2004-05. 3. Ground No. 1 & 11 are general in nature. Ground Nos. 2 to 9 are pertaining to Cash credits. Ground No. 10 is pertaining to charging of interest u/s 234A & 234B of the Act, which is consequential in nature. 4. As regards ground Nos. 2 to 9 pertaining to cash....
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....afts. 2. G. Rama Rao (Rs.2,00,000): Confirmation letter was filed by Sri G. Venkat Rao, s/o G. Rama Rao on behalf of G. Rama Rao as the latter died in an accident. He is the legal representative of the deceased. He stated that they own four acres of agricultural lands in Tapeswaram Village in East Godavari District and their annual income from the agricultural source out of the agricultural savings, his father late Rama Rao received an amount of Rs. 1,90,000/- and Rs. 10,000/- through cheque No. 180595 on 28-01-2006. 3. Sri M. Gopal Rao (Rs. 1,36,408/): In his confirmation Sri Gopal Rao stated he is a retired Manager in Bata Shoe Company at Chandanagar, Hyderabad and out of his terminal benefits and savings he advanced an amount of Rs....
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....mand drafts in the FY 2003-04. 7. Sri M. Venkat Rao (Rs. 1,93,000/-): Confirmation letter was filed by Sri G. Venkat Rao, He stated that he owns two acres of agricultural lands in Tapeswaram village in East Godavari District and in addition to that he is cultivating agricultural lands of 8 acres on lease at Tapeswaram Village. He further stated that his annual income from the agricultural source would be about Rs. 1,50,000/- and from out of the agricultural savings, he advanced Rs. 49,000/-, Rs. 47,000/- and Rs. 48,000/- on 05-03-2004 through demand draft Nos. 356695, 356690 and 550143 and another sum of Rs. 49,000/- on 05- 03-2004 through demand draft No. 356701. 7. The learned DR, however, supported the orders of AO and CIT(A). 8....
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....ddress and his source of income for advancing such amounts to him, therefore he had discharged the onus to prove the credit in each case. After considering the submissions, the CIT(A) confirmed the additions made by the AO u/s 68 of the Act. 13. Before us the learned counsel referring to the submissions made by the loan creditors in their confirmation letters, submitted as under: 1. Sri M. Veerraju (Rs. 49,000/-): In his confirmation letter Sri Veerraju stated that he advanced Rs. 49,000/-, on 24-09- 3004 through demand draft No. 804131. The sources were explained as agricultural income. It is further stated that he owns five acres of agricultural land situated at Siva Nagar Camp, Bagalwada Village, Manvi Taluq, Raichur District, Karn....
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....from out of the agricultural savings, he advanced Rs. 49,000/-, on 24-09-2004 through demand draft No. 804136. 5. Sri G. Sashibhushan (Rs. 1,96,000/-): Confirmation letter was filed by Sri G. Sashibhushan, he stated that he advanced Rs. 1,96,000/- to Assessee from out of his retirement benefits through demand draft. He further stated that he is a retired project engineer from private service and the amount of advance represents his salary income, savings and terminal benefits received on retirement. 6. Sri G. Suryakantham (Rs. 49,000/-): Confirmation letter was filed by Smt. G. Suryakantham. She stated that she advanced Rs. 49,000/- on 24-09-2004 through demand draft No. 804130. She is an agriculturist owing 2 acres of agricultural la....