TaxTMI 
TaxTMI 
2017 (6) TMI 437
X X X X Extracts X X X X
X X X X Extracts X X X X
....by the appellant wherein the appellant has proved the identity, genuineness and credibility of the parties giving loans. The action of disallowance u/s 69A is therefore completely erroneous. 3. Alternatively and without prejudice the learned C1T(A) fails to provide benefit of peak theory to the appellant instead of confirming the action of Assessing officer in making addition of Rs. 69,48,000/- u/s 69A of the Act. 4. Both the lower authorities have passed the orders without properly appreciating the fact and that they further erred in grossly ignoring various submissions, explanations and information submitted by the appellant from time to time which ought to have been considered before passing the impugned orders. 5. The Id. CIT(A) has erred in law and on facts in confirming the action of learned Assessing officer in charging interest u/s 234A/B/C/D of the Act. 6. The Id. CIT(A) has erred in law and on facts in confirming the action of learned Assessing officer in initiating penalty proceedings u/s 271(l)(c) of the Act. The appellant craves leave to add, amend, alter, edit, delete, modify or change all or any of the grounds of appeal at the time of or before the hea....
X X X X Extracts X X X X
X X X X Extracts X X X X
....m following five parties. Sr.No. Name Amount 1. Ghanshyambhai B. Thakor Rs.8,00,000/- 2. Javarsing P. Thakor Rs.11,00,000/- 3. MalaJI C. Thako Rs.3,00,000/- 4. Diwanji Popatji Rs.12,00,000/- 5. Laxmanji C. Thakur Rs.23,00,000/- Total Rs. 57,00,000/- 9. Learned Counsel further submitted that at the assessment stage, assessee could furnish evidences in respect of three parties only and hence, additional evidences were placed before CIT(A) which were admitted and remand report was called for which was furnished by Ld.AO on 17/02/2014. As is evident from the remand report, that Ld.AO during remand proceedings, asked the assessee to produce all the above mentioned five persons. In response thereto, all the persons, except LaxmanjiChaturjiThakor, were produced before AO. Laxmanji, being 78 years old and also being physically weak, couldn't appear before AO. AO was intimated about the same by assessee vide letter dated 11/02/2014 and Laxmanji's medical certificate was also furnished. Statements of all the other four persons were recorded by Assessing Officer wherein they confirmed the factum of having advanced the concerned su....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the aforesaid details, the concerned credits, by no stretch of imagination, remain unexplained any further in the assesee's hands. In the facts and circumstances of thecase and in light of evidence placed on record, Ld.CIT(A) ought to have deleted the impugned addition.Alternatively, benefit of peak theory be allowed to the assessee instead of confirming 12. On the other hand Learned Departmental Representative vehemently argued supporting the order of lower authorities and submitted that assessee has been unable to prove the genuineness and credit worthiness of the cash creditors in support of his contentions Ld.DRrelied on the decision of Co-ordinate Bench in the case of Deepak Petrochem Ltd. V/s. ACIT in ITA no.739/Ahd/2011 pronounced on 02/03/2017 and ACIT V/s. Nokoda Fashion Pvt. Ltd in ITA no.1716/Ahd/2012 pronounced on 18/08/2016 13. We have heard the rival contention and perused the record placed before us and gone through the decisions referred and relied by both the authorities. Solitary ground raised in this appeal by the assessee is against the order of CIT(A) confirming addition of Rs. 69,48,000/- made by Ld.AO in respect of cash deposited in the IDBI bank accou....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssessee from their income from agriculture. Details of the identity proof and copy of form 7/12 were placed before the assessing authorities. 14.1 As regard to the cash loan from Mr.Laxmanji C. Thakor of Rs. 23,00,000/- is concerned we observe that this person has not appeared before the assessing authority even though documents to prove the genuineness, identity and land ownership were placed. Major thrust of the assessee with regards to this cash creditor is that the source of Rs. 23,00,000/- was out of sale proceed of agriculture land which was sold on 22/09/2011. From going through the records we notice that Mr.Laxmanji C. Thakor is aged about 75 years and was facing medical problem which restrained him from appearing in person before the Assessing Authority. However, affidavits narrating personal details, cash of Rs. 9,00,000/- and Rs. 14,00,000/- given on 22/09/2009 and 08/01/2010 have been submitted. At page 35 of paper book assessee has placed a copy of family arrangement entered by Mr.Laxmanji C. Thakor, alongwith copy of sale deed of sale of agriculture land at Rs. 35,00,000/-. As per this family settlement documents dated 08/01/2010 Rs. 15,00,000/- was received as adv....