2016 (11) TMI 941

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.... G. S. Pannu (Accountant Member) 1. The captioned appeal by the assessee is directed against the order of the Commissioner of Income-tax (Appeals)-3, Mumbai, dated September 22, 2011, which in turn has arisen from the order passed by the Assessing Officer dated December 30, 2009, under section 143(3) of the Income-tax Act, 1961 (in short, "the Act"), pertaining to the assessment year 2007-08.....

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....no corresponding debit entry. As a consequence, the assessee was show caused as to why such credit be not treated as unexplained within the meaning of section 68 of the Act. 3.1 Before the Assessing Officer, it was explained that the amount was received as loan from the proprietary concern of the husband in the earlier years but it transpires that in the books of account of the husband, the sai....

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....eals), against which the assessee is in further appeal before us. 4. Before us, the learned representative for the assessee has primarily reiterated the explanation furnished before the lower authorities. Apart therefrom, the learned representative for the assessee pointed out that the discrepancy, if any, was in the books of account of the husband and that cannot defeat the explanation rendere....

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....'s husband, Shri Sunil Hingorani (proprietor of M/s. Savvy Designs). There is no dispute to the fact that such sum has not been received during the year. It is also not in dispute that the said amount was received by the assessee from her husband in the earlier years. The only point of difference is that in the balance-sheet it has been portrayed as a loan received in the earlier years whereas....