2015 (6) TMI 703

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....olidated and decided by this common order. 2. In both these cases, Revenue has challenged the deletion of unexplained cash credit taxed u/s.68 of IT Act. In the case of M/s. Shravan kumar Puranmal Shah (HUF), the addition of Rs. 15 lac was made. 3. While deleting the addition, learned CIT(A) has mentioned few facts as under: (reproduced from the order of M/s. Shravan Kumar P. Shah (HUF). "2. In the instant case, order u/s.143(3) of the IT Act was passed by the Assessing Officer on 15.12.2011 determining total income of the appellant at Rs. 23,02,050/- against returned income of Rs. 6,38,330/-. 2.1 Aggrieved by the said order, the appellant has filed this appeal and raised the following ground of appeal which are reproduced as under :-....

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....ounds of appeal are given below: (i) Addition of unsecured loans u/s 68 of the IT Act Rs. 15,00,000 There was survey at the business premises of Lalitkumar Sharma & other on 31-08-2009 and during the course of survey, statement of Shri Ramdinesh Sharma was recorded and in his statement, Shri Ramdmesh Sharma has admitted that he was managing business affairs of 61 persons and the name of the persons from whom the assessee has taken loan are included in this list. ................ 3.0 The first ground of appeal is regarding an addition of Rs. 15,00,000/- u/s. 68 on unexplained unsecured loan and the second ground of appeal is regarding addition on account of interest payment of Rs. 1,63,724/- on above cash credits. The two grounds being id....

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....was submitted that on identical facts, additions were deleted by Tribunal and upheld by Hon'ble Mumbai High Court in the case of CIT vs U M Shah 90 ITR 396. On the issue of non production of depositors, the appellant submits that the said depositors are witness of the Department and the onus was on the A O. It was consequently, submitted that as the deposits are genuine, the corresponding interest is also genuine and cannot be disallowed. 3.2 I have carefully considered the facts of the case in the light of submissions made by the appellant and the material available on records. In this regard, it is seen that on identical facts in the case of one M/s. Puranmal Shah, HUF \/ide appeal order No. CIT(A)-XVI/ITO/Wd. 11(4)7396/11-12 dated 1....