TaxTMI 
TaxTMI 
2017 (4) TMI 1055
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.... received of Rs. 6,00,000/- treating it as unexplained credit u/s 68 of the Income Tax Act without appreciating the fact that the identity of the lender and genuineness of transaction made through banking channel was established. The lender has given the statement before the Assessing Officer confirming to have given the loan from his own bank account and out of his own sources and produced all the relevant documents. As such the appellant has discharged his primary onus to prove the identity of the lender and genuineness of the loan." 3. In a nutshell the facts are that during the course of assessment proceedings, the Assessing Officer (AO) requested the assessee to file loan confirmations of the parties who had advanced loan during the ....
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....mand report that Mr. Dattu was working in Vashi and Khadk, Mumbai as a labourer and earned Rs. 9,000/- p.m. A perusal of the bank statement shows that apart from the loan transactions, Mr. Dattu's bank balance rarely crossed Rs. 5,500/- and therefore, he was not having the capacity to give loan of Rs. 6,00,000/-. The learned CIT(A) observed that Mr. Dattu had received meagre interest of Rs. 18,000/- in cash even though the loan was advanced for more than one year. The learned CIT(A) further observed from the bank statement of the lender Mr. Dattu that there were two withdrawals of Rs. 3,00,000/- each on 08.05.2008. The assessee had not furnished the transactions prior to May, 2008 and, therefore, he had not proved the source of earning of R....