2012 (4) TMI 620

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.... u/s 68 made by AO which had been confirmed by the learned CIT(A). The brief facts of the case are that during the assessment proceedings, the AO noticed that the assessee has taken a loan of Rs. 4,00,000/- from one Shri N I Vya. The AO asked the assessee to furnish the copy of ledger account of depositor, contra confirmation, copy of acknowledgement of filing of return, copy of his bank statement / balance sheet to prove the identity, genuineness of the transaction and the creditworthiness of the depositor. However, the assessee did not submit any evidence. As the assessee could not prima facie establish the identity of the depositor, genuineness of the transaction and creditworthiness of the depositor, the AO considered this deposit as un....

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....opy of Mr. Vyas in the books of the assessee and copy of bank statement of the assessee. Concluding his arguments, he submitted that under these circumstances the addition made by the AO and sustained by the learned CIT(A) deserves to be deleted. 5 The learned DR, however, vehemently supported the order passed by the AO and submitted that since before the AO necessary evidence in support of assessee's claim was not filed by the assessee, therefore, the matter may kindly be restored to the file of the AO for fresh adjudication in the light of the subsequent evidences filed by him before the appellate authority. 6 After hearing both the parties and perusing the record, we find that there is no dispute about the fact that the assessee receive....