TaxTMI 
TaxTMI 
2017 (5) TMI 535
X X X X Extracts X X X X
X X X X Extracts X X X X
....explained cash credit u/s.68 of the Act. 3. The brief facts of the case are that the Assessing Officer that the assessee had taken unsecured loan as per the balance sheet of the assessee as on 31.3.2010 of Rs. 53,27,925/-, the details of which are as under: Sr.No. Name of loan creditors Amount (Rs.) 1. Ashok Kothari, Akola 10,00,000 2. Rekhachand Lunia, Raipur 14,00,000- 3. R.K.Transport, Durg 10,00,000 4. Shekhar Shahu 4,00,000 5. Asha Devi Lunia 6,00,000 6. Tarachand Jain 4,48,995 7. Tarachand Jain & Sons(HUF) 4,78,930 Total: 53,27,925 4. He observed that the assessee has not proved the creditworthiness of the loan creditors and added Rs. 53,27,925/- to the income of the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the Assessing Officer on 8.3.2013, the required details of unsecured loans in the prescribed format, copy of which is placed at page 22 of the paper book. Again at page 24 and 25 of the paper book is placed letter dated 8.3.2013 alongwith which the assessee filed details of unsecured loans as per the prescribed format with confirmation of all unsecured loans received during the year and addition to the old unsecured loans. Further, it will be observed from pages 26-27 of the paper book that vide letter dated 12.3.2013, the assessee filed before the Assessing Officer, copy of all unsecured loan lender's income tax return, computation of total income, capital account with balance sheet. He submitted that in doing so, the assessee discharged i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....la, Tarachand Jain and Tarachand Jain & Sons (HUF) were brought forward balances from earlier years, which was accepted as genuine by the Assessing Officer in an assessment u/s.143(3) of the Act. Therefore, he deleted the addition of Rs. 19,27,925/- for the reason that u/s.68 of the Act, the addition to the income of the assessee as unexplained cash credit can be made where any sum is found credited in the book of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory. No error in this finding of the CIT(A) could be pointed out by ld D.R. during the course of hearing. Further, it i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....any further. In the premises, if the Tribunal came to the conclusion that the assessee has discharged the burden that lay on him then it could not be said such a conclusion was unreasonable or perverse or based on no evidence." 10. Therefore, we find no infirmity in the order of the CIT(A) in deleting the addition of Rs. 53,27,925/- made u/s.68 of the Act on account of unexplained cash credit. Hence, the order of the CIT(A) is confirmed and ground of revenue is dismissed. 11. In Ground No.2 of the appeal, the grievance of the revenue is that the CIT(A) erred in deleting the addition of Rs. 4,02,523/- made by the Assessing Officer on account of interest on unsecured loan. 12. We find that this ground of appeal is consequential to Ground ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....0/- for household expenses in her return of income filed. 16. Ld D.R. could not point out any specific error in the findings of the CIT(A). 17. On the other hand, ld A.R. of the assessee has filed copy of balance sheet of the wife of the assessee, Smt. Chanchal Jain, placed at page 72 of the paper book, which shows the drawing of Rs. 60,000/- for household expenses. 18. In view of the above, we find no good reason to interfere with the order of the CIT(A), which is hereby confirmed and ground of appeal of the revenue is dismissed. 19. In the Cross objection, the assessee has challenged the confirmation of addition of Rs. 1,33,269/- made by the Assessing Officer by estimating the net profit rate. 20. We have heard the rival submissions ....