TaxTMI 
TaxTMI 
2015 (12) TMI 631
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....ducted in the residential and business premises of one Arun Lila, who was carrying out certain business activities in the name and style of M/s Lilasons Infrastructure Pvt. Ltd., Bhopal. In the said search and seizure operation, certain papers and documents belonging to the present appellant/assessee, namely, Subodh Varshsney were found. 3. On the basis of the seized materials the Assessing Officer proceeded for issuance of a notice under Section 153-C read with Section 153-A of the Act, recording the reasons that the assessee is Non -Executive Director and had received an sum of Rs. 2,18,15,000/- interest free unsecured loan from Juned Qazi for the Assessment Year 2009- 2010. Finding the aforesaid amount to be unexplained by the assesse....
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....idered the contentions raised. We have gone through all the three orders impugned. The question involved in this appeal, is a pure question of fact in the matter of addition of the amount in question, after due appreciation of the materials available, viz. Account book, bank statement and other financial transaction documents. The learned Tribunal taking into account the requirement under Section 68 of the Act and the detailed submissions duly supported by relevant documents, decided the appeal in paragraph 15 and proceeded to analyse the creditworthiness and genuineness of the loan said to have been paid by the lender Shri Juned Qazi, based on the material available, as under: "15. We have carefully considered the rival submission....
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.... 22/10/12 909839 10,00,000 TOTAL 1,43,50,000 These facts have not been denied by the ld. A.R. The assessee has submitted following documents during the course of assessment proceedings: i) Copy of PAN Card and passport of the lender Shri Juned Qazi. ii) Copy of letter of loan agreement between Shri Juned Qazi and Dr. Subodh Varshney. iii)Copy of agreement dated 4-3-2011 between Shri Juned Qazi and Dr. Subodh Varshney. iv) Copy of affidavit dated 19-03-2011 executed by Shri Juned Qazi affirming tht He is resident of HA 57, NRI Colony, Koheriza, Bhopal and presently residing at Vancouver Road, Morganville, New Jersey, USA. ....
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....ecord by the revenue. In the confirmation dated 15-10-2013 the copy of which is available to page 147 to 148 and 149 and 149 to 154 it is apparently clear that the assessee has explained the source of the loan advanced by Shri Juned Qazi. Even though in our opinion the assessee is not required to prove the source of sources the explanation advanced by the assessee is a plausible one and prove that the assessee has discharged his onus which is envisaged on him. We have also gone through the case laws. All these case laws realtes to the discharging of onus on the part of the assessee. It is not the case where the assessee has not offered any explanation. The explanation offered by the assessee in our opinion is reasonable and has to be accept....