TaxTMI 
TaxTMI 
2018 (11) TMI 1248
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....ts in upholding addition of Rs. 26,00,000/- (Rs. Twenty Six Lacs only) representing loan received by the Assessee and held to be unexplained cash credit u/s 68 of the Act. 2. That Ld. Commissioner of Income Tax (Appeal) has failed to appreciate that unsecured loan aggregating to Rs. 26,00,000/- had been received through bank RTGS identifiable parties having the corporate status who had dully confirmed in their statement of A/c that loan had been advanced to the Appellate and as such addition so sustained is invalid and untenable. 3. That Ld. Commissioner of IT (Appeal) has further failed to appreciate that mere assumption without supporting of any clinching evidence that the money actually belong to none but the assessee h....
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....0,000 on 26/2/2012 and in turn an amount of Rs. 16 lakhs was transferred to the assessee's account by the Harsh build well private rupees limited. Similarly, in case of sid Sai reality private limited cash was deposited of Rs. 9 lakhs on 18/9/2012 and Rs. 1 lakh on 4/10/2012 and in turn the aggregate cash deposit of Rs. 10 lakhs was transferred in the name of the assessee on 4/10/2012. Therefore the learned AO issued summons under section 131 (one) of the act on 18/2/2016 on the directors of the lenders for personal deposition on 24/2/2016 to establish the identity of the person who had given the loan and to prove the genuineness of the transaction and creditworthiness of those parties. None attended. Therefore, the learned assessing office....
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....on several decisions confirmed the addition made by the learned assessing officer. 5. Assessee agreed with the order of the learned commissioner of income tax appeals preferred an appeal before us. The learned authorised representative submitted that the lenders has submitted the details under section 133 (6) of the income tax act before the learned assessing officer submitting the conformation of the account and furnishing the return of income of those lenders. The bank statement for the relevant period was also filed and therefore the initial onus cast upon the assessee was discharged. He further referred to various documents submitted before the learned assessing officer. He therefore submitted that the addition has wrongly been made ....
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....rely submitting the conformation does not discharge the initial onus by the assessee when they learned assessing officer has specifically examine the bank statement of the lenders and found that cash has been deposited by them prior to issuing cheques to the assessee. Further it is also apparent that based on the details furnished by the assessee the harsh build well private limited company which is given 16 lakhs to the assessee has shown the returned income of Rs. 27 lakhs and further the profit as per profit and loss account before tax was Rs. 12 lakhs. Further, in case of the bank statement of the assessee it is apparent that cash was deposited prior to issue of cheque to the assessee. It is also apparent that four years bank statement ....