TaxTMI 
TaxTMI 
2019 (2) TMI 106
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.... 143 of the Income Tax Act, 1961 (hereinafter referred as to "The Act") with the following grounds: 1. "On the facts and in the circumstances of the case as well as law on the subject, the ld CIT(A) has erred in confirming the action of the Assessing Officer in making addition of Rs. 4,29,000/- on account of alleged unexplained cash credit u/s 68 of the I.T. Act, 1961 on unsecured loans. 2. On the facts and in the circumstances of the case as well as law on the subject, the ld CIT(A) has erred in confirming the action of the assessing officer in making addition of Rs. 10,383/- on account of alleged interest expense on disallowed unsecured loan. 3. It is therefore prayed that the above addition may please be deleted as learned member....
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....03.2013, therefore was issued to the assessee as to why said amount should not be added in her hand u/s 68 of the Act. 4. In response to the same, the assessee submitted that Smt. Shantiben H. Parekh is a senior citizen, the mother of the assessee regularly files her return of income, in fact in the previous year under consideration she filed her return showing Gross Rental Income to the tune of Rs. 3,48,000/- and the total taxable income was shown at Rs. 2,46,951/-. It was further contended that assessee was given loan by her on 27.03.2010 amounting to Rs. 2,50,000/- confirmation whereof being an account, Surat Dist. Bank Pass-Book along with the return of income for A.Y. 2010-11 were duly submitted before the Learned AO. So far as, Smt. ....
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....Lataben Bipinchandra Patel genuineness of such transactions was also been supported by documents being Bank Statements of the concerned banks through which such amount has been paid to the assessee. It was further contended that Shri Sureshbhai Patel is running sugar factory and earning more than 4 lacs per annum, which is also evident from the Bank Statement of the Sugar factory submitted by him. Though all the documents relating to the transaction were duly placed by the assessee before the authorities below, the assessee submitted that those documents were not taken into consideration in its proper prospective and without any proper basis. The same was denied and added to the income of the assessee. On the other hand, Learned Representat....