TaxTMI 
TaxTMI 
2018 (11) TMI 593
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.... dated 31.03.2015 under section 143(3) read with section 147 of the Income Tax Act, 1961 (hereinafter 'the Act'). 2. The only issue in this appeal of assessee is against the order of CIT(A) upholding the addition made by AO on unsecured loan received during the year by assessee from four parties in totaling to amounting to Rs. 15 lacs. For this assessee has raised the following ground No. 1: - "1. Because, the ld. CIT(A) has erred in upholding the addition of unsecured loans from four parties amounting to Rs. 15,00,000/- as unexplained cash credit on the basis that the credit worthiness of the parties and genuineness of the transactions were not proved ignoring the plethora of evidences on record." 3. Briefly stated facts are....
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....s 68 of the Act of proving the creditworthiness of the said four parties and the genuineness of the transactions. Therefore, I do not find any error or infirmity in the action of the AO in making the said addition of Rs. 15,00,000/- which is accordingly upheld. Grounds bearing Nos.1 and 2 taken up by the appellant are found to be devoid of substance and are hence dismissed." Aggrieved, now assessee is in appeal before Tribunal. 6. Before me, the learned Counsel for the assessee explained the entries relating to each of the creditors. She explained the first unsecured loan of Rs. 3.50 lacs from Dheeraj M. Nagda (HUF) and took me through the assessee's paper book at pages 21 to 26, wherein the assessee has enclosed the loan confirmation....
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....return of income, copy of PAN Card and Bank statement of Shri Haresh Deva Ravariya on pages 27-32. The learned Counsel for the assessee explained from bank statement i.e. bank account maintained with Dena bank, Kharghar Branch Savings Bank Account No. 120410026367, wherein assessee has received a sum of Rs. 2,60,000/- on 19.04.2011 and further a sum of Rs. 2,40,000 on 19.04.2011 by clearing cheque i.e. account payee cheque and advanced this sum of Rs. 5 lacs to assessee by account payee cheque on 20.04.2011. 9. In regard to last creditor, Smt. Ria Ritesh Chedda the documents are enclosed at pages 33-38 of assessee's paper book and the bank statement of Smt. Ria Ritesh Chedda is enclosed at pages 36-37 i.e. bank account maintained with Ce....
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....law, initial burden casts upon the assessee to prove the source of the loan has been stated to be discharged. The revenue's case has been that, the capacity of the lenders has not been proved because these lenders were 'men of little means' or 'no means' and the amount credited in the bank accounts have been routed in a clandestine manner as found during the course of search. For substantiating this assertion, nothing has been brought on record qua the assessee's case in hand as to how the amount which has been credited in the account of the lenders has flown from the undisclosed coffers of the assessee or from some unknown sources of the assessee. If a material or information has been found in a search suggesting non-genuine transactions u....
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....need for making such a wild allegation that the capacity of the lenders has not been proved. Other important fact emerging from records as noted by the ld. CIT(A) that the amount of Rs. 79,90,000/- received from the 12 parties consisting of the family members/group entities have been repaid back in the impugned year itself and on this aspect as pointed out by the ld. Counsel, ITAT in the case of assessee's brother Haresh Majethia has deleted the addition on the ground that if the receipts and repayment of loan is corroborated by the ledger account and bank entries. Here also exactly the same fact is permeating, therefore, following the Tribunal order this amount of Rs. 79,90,000 has to be deleted. On other amount of Rs. 61.50 lakhs also, it....