TaxTMI 
TaxTMI 
2016 (7) TMI 1385
X X X X Extracts X X X X
X X X X Extracts X X X X
.... AO noticed that the assessee had taken unsecured loans from various persons and desired the assessee to place on record confirmations with addresses, permanent account number, bank account details and copies of returns filed by the person giving loans. The confirmations as desired by the AO was submitted. Thereafter, the AO, being not satisfied, issued summons under s. 131 to ten persons and their statements were recorded. The AO was not satisfied with the three cash credits in the name of Shri Banshilal son of Shri Lal Ram, village Asarpura, Tehsil Sanganer who deposited an amount of Rs. 25 lac with the assessee; Shri Kana Ram Agarwal who deposited an amount of Rs. 45 lac and Shri Kailash Chaudhary who deposited an amount of Rs. 20 lac an....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ve the source from which he money was advanced to the assessee. In one of the cases, he submitted that amount was advanced out of sale of agricultural land by Kailash Chaudhary but he did not place on record even the b sic documents namely; registration of agricultural land sold by Kailash Choudhary. Therefore, the AO was well justified in holding that the said cash credits are not genuine. He further contended that merely being income-tax assessee does not satisfy the conditions laid down in s. 68 when the assessee has to prove that the amount was advanced genuinely and burden is on assessee. once credit is found recorded in his books. A taxpayer simply proves identity and nothing more which is not at all proper and Revenue can always doub....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he IT return, audited balance sheet of M/s Kinjal Colonizers (P) Ltd. along with bank statement about all transactions by account payee cheque; (2) in so far as Kana Ram Agarwal is concerned, it was noticed that he had received certain amount of Rs. 50 lac and 2 lac out of which an amount of Rs. 45 lac was advanced to assessee. Bank statement of Kana Ram Agarwal was produced and it was reiterated that all the transactions are by cheque and there was no doubt that the entire transaction was by account payee cheque and it is not the case of the Revenue that cash was introduced in the account of Kana Ram Agarwal prior to advancing money to the assessee and then the amount was advanced to the assessee and (3) in so far as the case of Kailash Ch....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ur properties including agricultural land, totalling Rs. 40,39,998 and such sale consideration was duly shown in the IT return which was placed on record even before the AO and befo e the CIT(A). The CIT(A) also found that merely because the sale deed was not filed, there is no reason for disbelieving the said cash credits. The CIT(A) on the additional fact/material brought on record desired through remand report the comments of the AO and the CIT(A), after having gone through the remand report, relying upon the judgment of this Court in the case of Rajshree Synthetics (P) Ltd vs. CIT (2002) 176 CTR (Raj) 300 : (2002) 256 ITR 331 (Raj) and Aravali Trading Co. vs. ITO (2008) 220 CTR (Raj) 622 : (2008) 8 DTR (Raj) 199 , has held that the asse....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sessee actually was received from the assessee. In our view, the facts on record clearly prove that the assessee did prove from where he has received the credits and once the assessee disclosed identity of a person who has advanced money, the amount is advanced by bank transactions, the cash creditor is assessed to income-tax, then the burden laid down on the assessee is duly discharged and onus then shifts on the AO. 11. The apex Court in the case of CIT vs. Orissa Corporation (P) Ltd. (1986) 52 CTR (SC) 138 : (1986) 159 ITR 78 (SC) , held as under : "In this case, the assessee had given the names and addresses of the alleged creditors. It was in the knowledge of the Revenue that the said creditors were Income-tax assessees. Their index....