2014 (9) TMI 1109

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....sessment Year 1993-94. 2. On 6.7.2009, a coordinate Bench has admitted this appeal on the following substantial questions of law:- "(i) Whether on the facts and circumstances of the case the ITAT was right in disbelieving the cash credits aggregating to Rs. 1,70,000/- as initial capital in the start of business in respect of creditors Anand Mohan Shukla (Rs.1,13,000/-), Raman Shanker Mishra (15,000), Ram Chandra Sharma (12,000/-), Keshav Prasad Dubey (Rs.20,000/-) and Prabhu Nath Tiwari (Rs.10,000/-) as unexplained cash credit under Section 68 of the Income Tax Act. (ii). Whether the ITAT was justified in adding the cash credits of Rs. 1,70,000/- in the income of the Appellant when the person in whose name were the cash....

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....ion of Rs. 1,70,000/- in the hands of the assessee, which was confirmed not only by the first appellate authority, but also by the Tribunal. Being aggrieved, the assessee has filed the present appeal. 5. With this background, Sri Suyash Agarwal, learned counsel for the assessee submitted that the name of five persons were disclosed by Sri Anand Mohan Shukla. The addition was made by the A.O. by observing that said loan was never refunded to the person from whom the loan was taken. He also submitted that Sri Anand Mohan Shukla is the younger brother of the assessee who at the relevant time was 30 years old. On 29.2.1996, his statement was recorded on oath. He advanced the loan to his brother, i.e. the assessee without any interest and the....