2018 (12) TMI 1616

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ch were allegedly added to the income of the appellant u/s 68 of the Act during AY 2010-11. 3. Ld. AR appearing on behalf of the assessee submitted before us that this ground is covered by the order of Hon'ble ITAT in ITA No. 1633, 1634 & 1637/Mum/17 for AY 2010-11, 2012-13 and 2013-14 in assessee's own case, wherein the identical ground raised in the present appeal has already been decided on merits. 4. On the other hand, Ld. DR fairly agreed to the contention of Ld. AR that the issue is covered in favour of assessee. 5. We have heard both the parties and we have also perused the material placed on record as well as the orders passed by revenue authorities. We find that the identical ground has already been decided by the Coordina....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....It is very surprising and strange that the Revenue has accepted interest on loan but the genuineness was doubted which appears to be fallacious and wrong. The case of the assessee is supported by a series of decisions such as in the case of CIT vs. Orissa Corporation Pvt. Ltd. (supra) wherein the Hon'ble Supreme Court has held that where the assessee has given names and addresses of the alleged creditors and the said creditors were in the knowledge of the Revenue authorities to be income tax assessees and their index numbers were in the file of Revenue, the Revenue did not pursue the matter further apart from issuing notices under Section 131 of the Act. The Hon'ble Court has held that the Revenue did not examine the source of incom....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....aid through account payee cheques, which were also confirmed by the parties and the assessee has also produced bank account and PAN of each party to support his case, the AO is not justified in treating the transactions as non genuine and no addition can be made under Section 68 of the Act. 12. Considering the facts in totality in the light of various judicial decisions which squarely cover the case of the assessee we are inclined to set aside the order of the CIT(A) by holding that the assessee has duly discharged the its onus by filing the necessary evidences before the authorities below and therefore addition by the AO u/s 68 of the Act is ordered to be deleted. The appeal of the assessee is allowed. 6. After having gone thro....