TaxTMI 
TaxTMI 
2017 (3) TMI 326
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....Sh. Anil Kumar Agarwal and Smt. Kavita Agarwal by treating the same as unexplained cash credit. 3. Facts of the case in brief are that the assessee trust was incorporated vide trust deed dated 20.07.2007 and was granted registration u/s 12AA of the Act vide order dated 30.10.2009 by the CIT, Ghaziabad. For the year under consideration the assessee filed the return of income on 12.11.2010 declaring Nil income. Later on, the case was selected for scrutiny. During the course of assessment proceedings, the AO noticed that the assessee had received unsecured loans to the tune of Rs. 2,33,50,000/- from the following parties: Sl. No. Name of the lenders Amount 1. Adi Narayan Gupta 11,50,000/- 2. Anil Kumar Agarwal 33,....
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....of the lender, moreover, assessee did not produced the lender namely Shri Anil Kumar Agarwal for personal examination. Thus the case is beyond the expectation of verdict of Hon'ble Supreme Court given in the case of CIT Vs. Sumati Dyal. Therefore, the capacity and creditworthiness could not prove, the so called unsecured loans of Rs. 15,00,000/- is added to the total income of the assesses society. The information is issued to concerned AO for remedial action. ii) Kavita Agarwal (Rs.l2,00,000/-) :- In this case assessee has given unsecured loans to the tune of Rs. 12,00,000/- during the year. The assessee has filed copy of a/c, copy of acknowledgement of ITR for A.Y. 2010-11 and copy of incomplete bank statement. On perusal of bank s....
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....under: "During appellate proceedings, the appellant was allowed more than sufficient opportunities to substantiate its claim by furnishing requisite details and evidences. But the appellant has utterly failed to discharge onus u/s 68 of the Act. The fact on record is that the depositors are not creditworthy. Onus of proving the source of a sum of money found to have been received by an assessee is on him. When the nature and source of a receipt, whether it be of money or other property, cannot he satisfactorily explained by the assessee, it is open to the revenue to hold that it is the income of the assessee and no further burden lies on the revenue to show that the income is from any particular source. Reliance is placed on the decision....
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....he authorities below. 9. I have considered the submissions of both the parties and carefully gone through the material available on the record. In the present case, it is noticed that the assessee had received loans amounting to Rs. 2,33,50,000/- from various parties and the AO had accepted those loans as genuine except 27,00,000/- which included 15,00,000/- (out of Rs. 33,00,000/-) received from Sh. Anil Kumar Agarwal and Rs. 12,00,000/- received from Smt. Kavita Agarwal during the year under consideration. The assessee in support of its claim relating to the genuineness of the transaction, identity and creditworthiness of the depositor furnished confirmations received from those persons (copies of which are placed at page nos. 40 and 4....