TaxTMI 
TaxTMI 
2015 (11) TMI 485
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....rbar Group of cases on 31-7-2008 and in the case of assessee on 26-8-2008 at Locker no. 488, Key no. 38, Federal Bank Ltd., 6, Raghunath Nagar, MG Road, Agra. 3. The assessee had filed her return of income declaring an income of Rs. 1,50,590/-. The AO observed that assessee was deriving salary income from M/s Geeta Pipal, Agra and interest income on loan given to M/s Ratan Diesels, Agra, Sh. Ankit Agarwal and Sh. Nishant Bansal and interest income on savings bank account. From the bank pass book of savings bank account in the Fedral Bank Ltd., Agra, the AO noticed that three high volume cheques were deposited. He required the assessee to explain the source and nature of such credits with supporting documents. No details were furnished befo....
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....eared in bank on 14-7-2008. The other amount of Rs. 2,00,000/- was also paid to Mr. Nishant Bansal vide cheque no. 626933 cleared on 27-8-2008. The said Mr. Nishant Mittal, however, returned back to the assessee an amount of Rs. 2,00,000/- on 11-2- 2009. However, the said amount of Rs. 2,00,000/- was then paid to Mr. Ankit Agarwal by the assessee vide cheque 626934, cleared on 13-2-2009. Copies of account of Nishant Bansal and Ankit Agarwal were also filed before ld. CIT(A). 5. Ld. CIT(A), however, did not accept the assessee's contention, inter alia, observing as under: "...It is observed that Rattan Diesels is supposed to be (as per AR) proprietary concern of one Mr. Rajendra Mittal. However. the letter head does not mention anything. ....
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....e under Rule 46A for admitting additional evidences. 4.2.10. Further, it is also noticed that the documents submitted also do not establish the identity and genuineness of the transaction as a genuine loan transaction." 6. Ld. counsel for the assessee referred to para 3 of the assessment order and pointed out that interest income on loan given to M/s Rattan Diesels, Ankit Aggarwal and Shri Nishant Bansal had been assessed to tax. He referred to page 41 of PB, wherein the bank a/c with the Federal Bank Ltd. of assessee is contained bearing account no. 12120100102799, wherein there are three impugned deposits of Rs. 1,50,000/- (instrument no. 926499) on 10-7-2008; Rs. 2,00,000/- (instrument no. 45669) on 23-8-2008; and Rs. 2,00,000/- (in....
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....ue of Rs. 2,00,000/- was issued in favour of assessee vide instrument no. 59 dated 10-2-2009. 12. Ld. counsel further referred to page 35 of the PB, wherein the assessee's account in the books of Nishant Bansal is contained to demonstrate that two cheques of Rs. 1,50,000/- and Rs. 2,00,000/- were received by Nishant Bansal from assessee, out of which Rs. 2,00,000/- was returned on 10-2-2009, which amount was credited to the account of assessee. 13. In the backdrop of these evidences, ld. counsel submitted that the observation of ld. CIT(A) in para 4.2.8, as reproduced e4arlier, are not correct. Ld. counsel submitted that Rajendra Mittal was the proprietor of M/s Rattan Diesels and he had signed the statements. 14. Ld. DR relied on the CI....