TaxTMI 
TaxTMI 
2015 (10) TMI 1271
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....s. 68 amounting to Rs. 15,24,250/- out of unsecured loans in personal Balance Sheet. 3. On the facts and in the circumstances of the case and in law, the CIT(A) erred in deleting addition u/s. 68 amounting to Rs. 4,90,468/- out of unsecured loans in business Balance Sheet. 4. The appellant prays that the order of the Ld.CIT(A) on the above grounds be set aside and that of the A.O. be restored. 5. The appellant craves leave to amend or to alter any ground or add a new ground, which may be necessary." Assessee,an individual,filed her return of income on 31.10.2007,declaring total income at Rs. 44,342/-.The AO completed assessment on 29.12.2009,u/s.153(3)of the Act,determining the income of the assessee at Rs. 75,76,880/-. 2.Effective....
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....ax Rule, 1962(Rules). The additional evidences furnished by the assessee were sent to the AO, by the FAA,for his comments under Rule-46A(3).The AO in his remand report,dt.2.5.2011,stated that assessee had produced the parties consent before him, that he had examined the evidences furnished by the assessee. The FAA gave the comments of the AO to the assessee who submitted her re-joinder. It was stated by her that due to dispute among family members the requisite confirmations could not be submitted earlier,that all of creditors had confirmed the transactions before the AO. The assessee submitted a chart showing opening balance amounts received during the year and the closing balance in respect of each of the parties for which the additions ....
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....r outstanding balances were from K-Sarc Polymers(Rs.11.78lac),Pyramid Energy Creations Co.(Rs.4.23 lacs),BPC Polymers(Rs.11. 21 lacs),Chakreshwari Plastics (India) Ltd.(Rs.1.38lacs),that Rajendra Chopra was proprietor of K-Sarc Polymers and Pyramid Energy Creations Co.,that he was partner in BPC Polymers and one of the directors of Chakreshwari Plastics (India) Ltd., that he had appeared before the AO and had filed details confirming the balances of all the entities,that the AO after going through the explanation given had not found anything adverse on outstanding amount in the name of Rajendra Chopra in the personal balance sheet of the assessee, that there was difference of only Rs. 1,000/- as far as business balance sheet of the assessee....
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....hat the transactions with the K-Sarc Polymers were through banking channels only, that there was no justification to hold the credit worthiness of the party, that Rajendra Chopra had filed necessary documents with regard to balance of Pyramid Energy Creations Co.,that the amount received in that account during the year was only Rs. 1.62 lacs,that Rajendra Chopra had furnished his personal Balance sheet as well as balance sheet of all the entities where he was Partner/director, that the assessee had discharged the initial burden of proving the credit by producing the parties concerned who in turn had duly confirmed the transactions, that all the parties had PAN, the transaction in the earlier years and current year were through banking chann....
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....acs out of unsecured loans in personal balance sheet and Rs. 4.90 lacs out of unsecured loans in business Balance sheet were deleted. 3.Before us,the Departmental Representative(DR)supported the order of the FAA.Authorised Representative(AR)argued that the during the remand proceedings the assessee had filed all the necessary documents and confirmations which could not be filed before the AO due to unavoidable circumstances,that most of the loans or liabilities pertained to the earlier yeas,that in one case the balance had reduced.He referred to the pages no.58-68 and 116,119,122 of the paper book(PB). 4.We have heard the rival submissions and perused the material on record.We find that during the assessment proceedings the assessee had n....