2017 (3) TMI 75

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....Mr. Sachin Aggarwal. 2. On the facts and in the circumstances of the case and in law, the Ld. C.I.T. (Appeal) was incorrect and unjustified in confirming the addition of RS.300000/- (Three Lac Only) made by the AO U/s 68 in the name of Mrs. Lata Aggarwal. 3. On the facts and in the circumstances of the case and in law, the Ld. C.I.T. (Appeal) erred in confirming the addition of Rs. 200000/- (Two Lac Only) in the account of Mr. Sachin Aggarwal even though he was examined by the C.I.T. (Appeal) and during examination he admitted to have given a sum of Rs. 200000/- to the assessee during the Assessment Year - 2011-2012. 4. On the facts and in the circumstances of the case and in law, the Ld. C.I.T. (Appeal) erred in confirming the add....

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....he details including the books of account, but the stock register was not produced. The AO examined the books on test check basis. The assessee was engaged in the business of trading of sanitary items and during the year its GP ratio was 10.40% in comparison to previous year 10.53%. During the year, the assessee has taken interest free loan of Rs. 2 lakhs from Sh. Sachin Aggarwal R/o Malan Gali Hathras and Rs. 3 lakhs from Smt. Lata Aggarwal, R/o Malan Gali Hathras. The loan was recevied in the personal bank account and thereafer was credited in the books of accounts as assessee's own capital intorduced durin gthe year. Notice u/s. 133(6) of the I.T. Act was issued to both the lenders. But notices were returned as undelivered. AO observed t....

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....ggarwal and copy of Election Card, Ration Card and Bank Statement of Smt. Lata Aggarwal. He further stated that assessee has raised loan of Rs. 2 lacs from Sh. Sachin Aggarwal and Rs. 3 lacs from Smt. Lata Aggarwal and during the examination by the Ld. CIT(A) Sh. Sachin Aggarwal has admitted to have given a sum of Rs. 2 lacs to the assessee during the AY 2011-12. He further stated that Sh. Sachin Aggarwal and Smt. Lata Aggarwal even though have declared the same in their balance sheet, books of accounts and they are assessed to tax, hence, the identity, creditworthiness and genuineness of the transactions have been proved, therefore, requested to delete the addition in dispute. 6. On the other hand, Ld. Sr. DR relied upon the orders of t....