TaxTMI 
TaxTMI 
2013 (6) TMI 769
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....come at Rs. 39,10,790/-. The Assessing Officer framed assessment u/s 143(3) of the Income-tax Act on 22.12.2008 at total income of Rs. 1,84,10,790/-, wherein he made addition of Rs. 1.45 crores u/s. 68 of the Income-tax Act on the ground that loan taken from Mr. Ishwar Adwani (out of Rs. 1.6 crores) was not explained satisfactorily. 3. On appeal before the ld CIT(A), the assessee put forward various arguments which are reproduced by the ld CIT(A) in para (b) on page 3 of the impugned order. In para (c) on page 5 of the impugned order, the ld CIT(A) analyzed the rival submissions and reproduced a letter dated 22.12.2008 written by the assessee to the Assessing Officer and thereafter he deleted addition after examining the following three ....
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.... In the instant case, the address of the creditor as well as his contact phone number were given. A copy of passport was also produced. Confirmation was also submitted. On examination of these materials, I do not have any doubt of any nature regarding the identity of the creditor, as identity was fully proved on record. Creditworthiness of the creditor: The creditor filed the details of his bank accounts. The perusal of bank accounts revealed that there had been series of cheques/transfer of transactions involving substantial amounts. He has been residing and also doing good business in Dubai for last 15 years, as evidenced by quantum of transactions found in the bank statements. Genuineness of the transaction of loan: ....
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....nt's contentions. (cf) Keeping in view the totality of the facts and circumstances of the case, and after considering the entire material available on record, I am of the opinion that the said loan was not only genuine, but also the identity and capacity of the creditor to give the loan stood fully established. I hold that the appellant completely discharged his onus. The addition made u/s.68 is hereby deleted." Aggrieved by the order of ld CIT(A), the Revenue is now in appeal before this Tribunal. 4. At the time of hearing before us, on behalf of Revenue Shri K C Mathews, DR appeared and contended that the Assessing Officer framed the assessment u/s 143(3) on 22.12.2008. On this date, the assessee filed a letter dated 22.12.2008 wher....
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....iate the factual matrix of the case and added the loan amount on irrelevant consideration. The ld Counsel further submitted that the Assessing Officer added the outstanding loan of Rs. 1.45 crores as unexplained and treated the balance Rs. 15 Lacs which was repaid in the next month as explained. This also shows that the Assessing Officer has accepted the identity, genuineness and creditworthiness of Mr.Ishwar Adwani. The ld Counsel submitted that, considering these factual matrix of the case, the view taken by the ld CIT(A) in the impugned order deleting the addition made by the Assessing Officer u/s 68 of the Income-tax Act be upheld. 6. In rejoinder, the ld Departmental Representative reiterated the submissions made by him earlier and ....