TaxTMI 
TaxTMI 
2016 (5) TMI 469
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....rcumstances of the case, the Ld. CIT(A) was justified in confirming the appeal of addition of Rs. 5,00,000/- taken as loan by cheque and repaid by cheque.? 3. That the case of the assessee was covered with the case of Golden Remedies Pvt. Ltd. vs. ITO (2007) 18 SOP 260 Delhi in which it was held that taking of loan by cheque and repayment of loan by cheque do not come under the provisions of Section 68 and such the addition is illegal. It is prayed that the addition of Rs. 5,00,000/- made in the income of the assessee be deleted and oblige." 2. The brief facts of the case are that a survey u/s 133A in the case of M/s. Gurcharan Jewellers and its proprietor Sh. Ashok Kumar Chauhan was conducted by the Directorate of Inve....
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....account payee cheque and during the assessment hearing has filed the complete details of the lender Sh. Prem Chand Batra vide his letter dated 12.11.2010, who is duly assessed to income tax alongwith the PAN card, copy of balance sheet and affidavit and Bank Statement regarding giving loan to Himanshu Chawla. He further stated that if it has been an accommodation entry the assessee could not have not repaid to same, which was repaid to Sh. Prem Chand Batra on 06.11.2010 vide account payee cheque of ICICI Bank. Hence, he requested that the addition of Rs. 5 lacs made by the AO and confirmed by the Ld. CIT(A) may be deleted. In support of his contention, he filed a Paper Book containing pages 1 to 70 having the details /documents relevant for....
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....Himanshu Chawla received a loan from Sh. Prem Chand Batra for Rs. 5,00,000/- on 20.07.2004 by duly account payee cheque. During the assessment proceedings the assessee filed complete details of the lender Sh. Prem Chand Batra vide letter dated 12.11.2010. The lender Sh. Prem Chand Chawla has given a loan of Rs. 5,00,000/- to Sh. Himanshu Chawla. Sh. Prem Chand Batra is duly assessed to income tax vide PAN AAGPB2136E. We have seen the complete details of the lender Sh. Prem Chand Batra i.e. copy of income tax return, copy of PAN card, copy of balance sheet and his affidavit confirming that he has given the loan to Himanshu Chawla, bank statement of the lender i.e. with Corporation Bank, Karol Bagh, Delhi A/c no. SB01/013579. We find that the....
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....nnels. To support our aforesaid view, we draw support from the following decisions:- A. CIT .v. Gangeshwari Metal (P.) Ltd. (2014) 361 ITR 10 (Delhi) (HC) S.68 Cash credits-Share application money-Evidence furnished by assessee-Addition was not justified. The assessee received certain amount as share application money. In order to prove genuineness of transaction, the assessee brought on record various documents such as names and addresses of share applicants, confirmatory letters of share applicants, copies of their bank statements etc. The Assessing Officer found the assessee's explanation to be unacceptable and, consequently, added the amount of share application money to assessee's taxable income which was dele....