TaxTMI 
TaxTMI 
2017 (7) TMI 99
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....ceived by the assessee as against sale of tractors. The Assessing Officer discussed this issue in the assessment order and noted that these were the cash advances received towards purchase of tractors, were not explained properly either by the parties or by the assessee at the time of assessment. The Assessing Officer has elaborately discussed how parties were confronted with the source of these cash deposits and after considering the reply of the assessee, came to the conclusion that since these amounts had not been properly explained, therefore, same were added as unexplained credits to the income of the assessee. The Assessing Officer also noted that initial onus upon assessee has not been discharged. 4. The assessee challenged all th....
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.... purchase bill, registration of the tractor with the Government and purchase bills were filed. 4(i) Similarly, statement of Shri Sultan was recorded who has purchased the tractor. Registration of tractor, copy of account and his statement were also forwarded for perusal. Third purchaser of tractor is Shri Satyawan who has filed his affidavit confirming the deposit of money and purchase of one tractor instead of two. Affidavit, purchase bill, registration certificate of tractor was filed. It was explained that these advances were against purchase of tractors which are not cash credits. The purchasers are not related to the assessee. Since these parties have confirmed deposit of the money with the assessee for purchase of tractor, therefor....
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....r, relied upon orders of authorities below. It may also be noted here that in the case of Shri Satyawan, Rs. 10 lacs were deposited out of which, Rs. 5 lacs were taken back by him because he did not purchase second tractor but no adverse inference has been drawn against the assessee in this regard. 7. Considering facts of the case in the light of the above evidences available on record, it is clear that all the three purchasers of the tractors made deposits with the assessee for purchase of tractors which have been ultimately delivery to them against the sale bill and their names have been recorded in the registration certificate. The ld. CIT(Appeals) was, therefore, not justified in holding that tractors have not been supplied to these ....
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.... the bank account is also filed which shows that loan was advanced by her to the assessee on 31.03.2011 and on the same day, cash of Rs. 2 lacs have been deposited in her bank account. Prior to that, there was a credit balance of Rs. 947/- only. Even on earlier days, there was no sufficient bank balance available to her to make any deposit with the assessee. The meager income of the creditor and having no bank balance, coupled with the fact that on the same day, cash have been deposited for giving of loan to the assessee creates suspicion in the genuineness of the loan to the assessee. Thus, the assessee failed to prove credit worthiness of creditor and genuineness of transaction in the matter. In the similar circumstances, ITAT Agra Bench ....