TaxTMI 
TaxTMI 
2018 (10) TMI 784
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....4 are general in nature which does not require specific adjudication. 3. Ground No.2 & 3 are related to the additions confirmed by the Ld.CIT(A) on account of unsecured loans. During the assessment proceedings, the Assessing Officer (AO) found that the assessee has accepted the unsecured loans of Rs. 39,86,000/-, out of which the assessee could not produce the supporting evidences for a sum of Rs. 29.86 lakhs to establish the identity, credit worthiness and the genuineness of the unsecured loans. Therefore, the AO made the addition of Rs. 29.86 lakhs as unexplained income u/s 68 of the Income Tax Act, 1961 (hereinafter called as 'Act'). 4. Aggrieved by the order of the AO, the assessee went on appeal before the Ld.CIT(A) and the Ld.CI....
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....Shyamala was shown as creditor for Rs. 5lakhs. The assessee has not filed any evidence to show that this creditor has the capacity to advance such a huge amount. Even during the appellate proceedings the assessee could not prove this aspect. Therefore, I am of the view that the AO is justified in assessing this unexplained credit as income. As a result, the impugned addition made in this regard of Rs. 5,00,000/- is confirmed. 8. Credit in the name of Smt. P.Nagamani (Rs.2,00,000/-): 8.1. The assessee has filed confirmation letter from this creditor. In the confirmation letter it was stated that the said Nagamani owns 2.28 acres of agricultural land at Suryaraopalem and out of such agricultural income an amount of Rs. 2,00,....
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....d to be teachers, and out of gift of Rs. 2 lakhs received from his father out of his retirement benefits. However, in respect of these claims, no supporting evidence was filed. The creditworthiness of the party is not proved. Accordingly, the impugned addition made in respect of this credit is confirmed. 11. Credit in the name of Sri P.Radhakrishna (Rs.2,00,000/-): 11.1 During the assessment proceedings the assessee had given confirmation letter to P.Radhakrishna. In the confirmation letter it was stated that the said P.Radhakrlshna owns 3.08 acres of agricultural land and he was also cultivating lands of his family members of an extent of 10 acres and that the income from agricultural lands was Rs. 4,00,000/- per....
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....rom this creditor. It was stated that this creditor and his family members owns 5.96 acres and also took lease land of 8 acres. It was stated that the income from this land was Rs. 5,00,000/- and that out of the savings from agricultural income the amount of Rs. 5 lakhs was given to the assessee. Copy of pattadar passbook was filed as additional evidence during the appellate proceedings. Though the assessee has filed pattadar pass-book, there is no evidence to show that the said creditor cultivated the other agricultural land and earned that much income. Thus the creditworthiness of this creditor is not proved. Accordingly the impugned addition made in respect of this creditor is confirmed." 5. During the appeal hearing, the Ld.....
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....wn in small amounts from ATM and advanced the said sums to the assessee which is unbelievable and unacceptable. In the case of Baby Syamala, the assessee has not filed any evidence to show that the creditor had the capacity to advance the sum of Rs. 5 lakhs. In the case of P.Nagamani, she is holding 2.28 acres of agricultural land and advanced Rs. 2 lakhs, which does not commensurate with the income earned by the assessee. In the case of Sri K.Sirisha Aditya , it is stated that the amounts were advanced out of the gifts received from the various donors on the occasion of the birthday, but no supporting evidence was submitted to the AO. In the case of KVS Satyanarayana, though he has stated that the advance was given out of the personal savi....