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TaxTMI 
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2014 (3) TMI 1131
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....peal in I.T.A.No. 826/JP/2009. The following grounds have been raised in this appeal:- '1. The Ld. CIT(A) has erred in facts and in law in confirming an addition of Rs. 1,30,35,000/- u/s 68 by treating the loan received from the following person as non-genuine:- a. Smt. Anupriya Johari 15,00,000/- b. M/s. Trimurti Enterprises 25,00,000/- c. Smt. Sita Devi Johari 15,00,000/- d. Smt.. Kanak Prabha Johari 10,00,000/- e. Smt. Shashi Johari 10,00,000/- f. M/s. Johari Jewellers (P) Ltd. 25,00,000/- g. Shri Ashok Akar 1,40,000/- h. Shri Ashok Kumar 35,000/- i. Shri Girish Paliwal 1,80,000/- j. Shri K.D. Paatel 1,60,000/- k. Smt. Kamla Patel 1,30,000/- l. Shri Nand Lal Verma 1,00,000/- m. Smt. Rek....
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....re the ITAT, Jaipur Bench wherein vide order dated 28/02/2007, the issue was set aside to the Assessing Officer with the following directions:- "As we have already held herein above that mere confirmation and payment through account payee cheques are not sufficient to establish the genuineness of the transaction, we thus set aside the first appellate order in this regard also while remanding the matter to the file of the AO to examine the correctness of claim of the assessee in this regard after affording adequate opportunity of being heard to the assessee. The Ld. CIT(A) has deleted further an addition of Rs. 10,15,000/- on account of unexplained cash credits against Shri Ashok Akar, Ashok Kumar, Girish Paliwa, K.D. Patel, Smt. Kamla Pat....
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....creditworthiness and genuineness of the transactions in respect of the creditors. In response to that, assessee filed the reply stating therein that whatever evidence were available with the assessee, those were already filed and if further enquiry was required, the creditors may be summoned under section 131 of the Act. The assessee also admitted that he did not have any new evidence to prove the genuineness of the credits except the evidence already furnished. In view of those facts, the Assessing Officer issued summons to those parties. However, summons in respect of 14 parties were received back with postal remarks as under:- S.No. Name of the creditor Postal Remarks 1. Ashok Akar No such person resides in this house 2 G....
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....ssessee, they had filed a FIR against the assessee and his family members which itself proved the fact that genuinely those loans were taken by the assessee. It was further stated that the creditors to the extent of Rs. 14.25 Lac were already assessed in block assessment. Therefore, the said addition was not required to be made. 7. The learned CIT(A), after considering the submissions of the assessee, observed that the Assessing Officer was directed to examine the correctness of the claim because the mere confirmation and payment through account payee cheque was not sufficient to establish the genuineness of the transaction and mere filing of FIR was not sufficient to establish the claim of the cash credit. He further observed that when th....
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....summons had not been issued on the new addresses. Therefore, the Assessing Officer was not justified in making the addition on the ground that further evidence to prove the genuineness of credit was not furnished. It was further submitted that a detailed submission, copy of which is placed at pages 1 to 33 of the assessee's paper book, was furnished to the Ld. CIT(A), who without appreciating the facts had confirmed the view taken by the Assessing Officer. Therefore, the addition sustained by the Ld. CIT(A) was not justified. 9. In his rival submissions, learned D.R. supported the orders of the authorities below. 10. We have considered the submissions of both the parties and carefully gone through the material available on record. In the ....
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....n confirming an addition of Rs. 38,27,913/- u/s 68 by treating the loan received from the following person as non-genuine:- Sr. No. Particulars Amount 1. M/s. Sheetal Suitings Pvt. Ltd. 8,00,000/- 2 Smt. Suraj Devi Modi 1,00,000/- 3 Bansal Exports 10,00,000/- 4 Shri Ganpat Lal Sarda 75,000/- 5 M/s Italin Jewellery Mfg. Co. 10,08,000/- 6 M/s MEP Engineering 5,00,000/- 7 M/s RK Fine Export 2,74,246/- 8 Shri Shankar Lal Maroo 70,000/- Total 38,27,913/- 2. The Ld. CIT(A) has erred in facts and in law in sustaining the disallowance of Rs. 15,53,037/- (15,51,706 + 1381) out of interest expenses. 3. The Ld. CIT(A) has erred in facts and in law in not following the directions given by the Hon'....