2016 (3) TMI 1245

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....d on facts; 2. that on the facts and in the circumstances of the case, the ld. First appellate authority [CIT(A) Faridabad] is erred in: i. Confirming the addition made of Rs. 8,00,000/- on account of loans from the following creditors u/s 68 of the Income Tax Act, 1961; a) Sh. Net Ram Goel b) Sh. Anil Kumar Bansal c) Sh. Mahender Pratap Singh d) Dh. Ajay Kumar Jain e) Smt. Manju Rani f) Sh. Virender Kumar g) Sh. Vikas Kumar Jain ii. Confirming the additions of Rs. 3721/- on account of interest paid to the above referred persons. 3. that on the facts and in the circumstances of the case, the ld. CIT(Appeals) erred in holding: a) That ....

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....ing Officer finding the explanation furnished by the assessee unsatisfactory came to the conclusion that the assessee's unaccounted money from the undisclosed sources has been routed by adopting dubious means and thereby made an addition of Rs. 1567410/- (Rs. 1435000/- unsecured loan + Rs. 17461/- interest amount). 2.1 The assessee carried the matter before the CIT(A) who has partly allowed the appeal. Feeling aggrieved, the assessee has come up before the Tribunal by way of filing the present appeal. 2.2 The ld. AR for the assessee challenging the impugned order contended, inter-alia, that the CIT(A) has erred in confirming the addition of Rs. 8 lacs on account of loans from different creditors u/s 68 of the Act; that CIT(A) further ....

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....us by furnishing the affidavits, confirmations, copies of Income tax returns, statement of affairs and cash flow statement of his creditors, the burden stands shifted to the Assessing Officer to rebut the same by bringing cogent evidence on the record, particularly when he has not disputed the aforesaid documents so furnished by the assessee. The Assessing Officer has the ample power to summon the aforesaid creditors of the assessee which he has apparently not exercised rather again shifted the burden on the assessee without disputing the genuineness of the documents. 5. No doubt it is duty of the assessee to prove the genuineness and creditworthiness of his creditors, but when all the transactions in this case have been routed through b....