2008 (4) TMI 8

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....ely no material to link the Assessee with the sum of Rs.29,97,000/- deposited in cash in the bank account of M/s. FBSL. 2.   The facts of this case are that the Assessee is a Private Limited company. During the previous year, it had taken an unsecured loan of Rs. 25 lacs from M/s. Aishwaray Capital Lease Finance Pvt. Ltd. (herein after referred to as ACL). The Assessing Officer asked the Assessee to file a copy of income tax return along with the audited profit and loss account and the balance sheet with annexures and copy of bank statement for the period ending 31^st March, 2001 of M/s. ACL. The Assessee furnished the same accordingly. On perusal of the bank statement of M/s. ACL, the Assessing Officer noticed that the funds w....

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.... the taxable income of the Assessee for the year under consideration.  The Assessee submitted his reply and filed confirmation from M/s. ACL. The Assessee also submitted that the cash deposited by M/s. FBSL was not its money and that it was from the books of the said company. 4.   The Assessing Officer however, held that it was the Assessee's money of Rs.22,97,000/- which was deposited in cash into the account of M/s. FBSL and the same was routed through different accounts and received as unsecured loan by the Assessee company and thus made an addition of Rs.25 lacs as unexplained cash credit under Section 68 of the Act. 5.   On appeal filed by the Assessee, the Commissioner of Income Tax (Appeals) (for sho....