TaxTMI 
TaxTMI 
TaxTMI 
2018 (9) TMI 150
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....e cash credit appearing in the books of accounts of the assessee satisfactorily. The relevant discussions of the AO qua these creditors are as under:- Shri Dev Raj Singh : Amount of Rs. 4,00,000/- has been shown as unsecured loan from this person. Nothing has been filed, which could explain the identity and creditworthiness of the lender as well the genuineness of the transaction made with the assessee. Therefore, the amount of Rs. 2,00,000/- claimed as unsecured loan from this person remains unexplained cash credit appearing in the Books of Accounts of the assessee for the purpose of section 68 of the Income Tax Act, 1961. Shri Dhanpal Tomar : Amount of Rs. 2,00,000/- has been shown as unsecured loan from this person. The copy of bank account number SB 236 with Punjab & Sindh Bank shows that the balance in this account on 22.12.2008 was Rs. 26,139/- only. On 22.12.2008, amount of Rs. 3,01,000/- has been deposited in cash. On 23.12.2008, amount of Rs. 2,00,000/- has been advanced to the assessee. The assessee has not filed the copy of ITR of this person. It is not known as to whether this person is showing any income or not. As the assessee could not produce this person, there ....
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....y of bank statement of this person, genuineness of transaction can also not be ascertained. The assessee could not produce this person for examination. In these circumstances, the creditworthiness of this person and genuineness of transaction made with the assessee is not established and the amount of Rs. 1,87,886/- claimed as unsecured loan from this person remains unexplained, cash credit appearing in the Books of Accounts of the assessee for the purpose of section 68 of the Income Tax Act, 1961. Smt. Savita Singh The assessee has shown unsecured loan of Rs. 3,00,000/- from this person. Her PAN has been intimated which is AWMPS5052J. The assessee has submitted the copy of confirmation and bank statement of this person. However, complete copy of the bank account has not been filed. It starts from the date 27.11.2016 when cheque of Rs. 3,00,000/- has been issued to the assessee, leaving the balance in this account at Rs. 14,459/- only. There is nothing to show as to whether the lender was having sufficient balance available with her to advance the money to the assessee or she just gave accommodation entry by depositing the unaccounted money of the assessee in her bank account and....
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....ount was returned on 10.10.2009 through account payee cheque along with interest after deducting TDS. III. DHANPAL SINGH TOMAR: Rs. 2.00 Lacs * PAN Number, Complete Address, Copy of Income Tax return indicating Total income of Rs. 287787.00, Copy of confirmation, Copy of ledger account, Copy of Agriculture Land records/Khasra-Khatauni were submitted during the course of assessment/appeal proceedings. Lender is having Income from Agriculture activities. The lender has deposited Rs. 301000.00 in his bank account on 22.12.2008 which got accrued to him on sale of agriculture crops, out of which he has given a sum of Rs. 200000.00 through account payee cheque to assessee. Affidavit of the lender was submitted during appeal proceedings but Ld. CIT (A) ignored the same. * This amount was returned on 16.09.2010 through account payee cheque. IV. DHARMENDRA RANA: Rs. 5.00 Lacs * Shri Dharmendra Rana is paralyzed since 2014 and he is not able to hear and speak and it was impossible for the Assessee to produce the bank statement of lender, however it has been confirmed from the ledger account that assessee has taken Rs. 500000 as loan from lender on 07.03.2009 for a short period and ....
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....d. 7. We have heard the rival submissions and perused the relevant finding given in the impugned orders as well as material placed on record. Here in this case, the nature of credit appearing in the books of accounts of the assessee is in the form of loan on which assessee has paid interest to the creditors and also deducted TDS. These loans have come through banking channels i.e., which has been received through account payee cheque in the bank account of the assessee through clearing and the same has been recorded in the books of accounts. To prove the prima facie source of such credits the assessee had filed; i) PAN and income tax returns alongwith complete address; ii) bank statement of the creditors and that of the assessee; iii) ledger account and other details. Now based on these documents, we have to see whether the credit of loan is genuine or not. i) Savita - Rs. 3 lacs; 8. With regard to this lender, the assessee has filed all the details as mentioned above and also filed a copy of sale of land which was sold by the lender for Rs. 62.50 lacs to prove that she had the creditworthiness to give loan. It is also stated that there is no prior deposit of cash before making ....
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....ed. iii) Dhanpal Tomar Rs. 2 lacs; 10. For this lender the assessee has given the PAN number alongwith copy of income tax return, copy of confirmation, copy of ledger account and also copy of agricultural land records of the said creditor. It has been shown that the lender was having an agricultural income which he had had deposited in the bank account on 22.12.2008, out of which he has given sum of Rs. 2 lacs as an account payee cheque to the assessee. Affidavit of the lender has also been filed before the Ld. CIT (A) alongwith other documents. However the Ld. CIT (A) has held that this person did not had the capacity, because amount has been deposited in cash before giving loan to the assessee. If the assessee has been able to prove that this lender had agricultural income and is also separately assessed to tax and all his agricultural land revenue records has been furnished, then it cannot be disbelieved that agricultural income deposited in the bank account is the unaccounted money of the assessee and the said lender did not have the capacity to give the loan. All other documents filed by the assessee has neither been rebutted nor has been inquired upon by the departmental au....