2019 (8) TMI 55

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....t to the subject year. On this ground alone addition made u/s 68 of IT Act is bad in law & deserve deletion. 2. The Ld. respondent failed to see from departmental records/file itself, that the loan taken of Rs. 50000/- from Shri Vineet Poddar also pertains to AY 2010-11 & not to the subject year. On this ground alone addition made u/s 68 of IT Act is bad in law & deserve deletion. 3. The Ld. respondent failed to see from departmental records/files itself, that the loan taken of Rs. 525000/- during the subject assessment year by A/C payee cheque from Mr. Sardarmal Jain could not be confirmed by the lender, since he was dead at such relevant time. 4. The reason for non reply to notice of A.O. u/s 133(6) issued to th....

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....he addition of Rs. 25,75,000/- made u/s 68 of the Act and rest of the addition was deleted. Against this, the assessee is in appeal before this Tribunal. Ground No.1 to 4 are against confirming the addition made u/s 68 of the Act of Rs. 25,75,000/-. Ld. Counsel for the assessee reiterated the submissions as made in the statement of facts. It is submitted that the cash credits amounting to Rs. 20 lakhs. It was stated that this amount was taken by the assessee on 13.9.2007. The assessee had provided the entire details of the lender, however, he could not obtain the confirmation from the creditor as the lender has filed a civil suit for recovery of his money due from the company in which the appellant happens to be a Director. In respect of....

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....ssions of the assessee, that the subject loan from Shri Paras Ram Khatri and Vineet Poddar was taken in the assessment year 2010-11, and the revenue has not rebutted the submissions. Moreover, Ld. CIT(A) recorded the fact that bank statement was enclosed to prove that the money was credited into the bank account on 14.9.2007. In respect of loan of Rs. 5,25,000/-, it is stated that the amount was received during the year under consideration by way of account payee cheque but the confirmation could not be obtained due to untimely demise of the lender. Hence, looking to the peculiarity of the facts and more particularly when the A.O. has not made any enquiry regarding demise of the lender and the money credited in the account during the assess....

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....darmal Jain. From the above it is very much clear this amount of Rs. 5,25,000/- had been taken by the appellant during the year under consideration i.e. A.Y. 2012-13. 4.3 During the course of assessment proceedings, the appellant had submitted his reply on 24.03.2015 wherein the appellant had contended that loan amounting to Rs. 20,00,000/- which was received from Shri Parasram Khatri on various dates during the financial year 2007-08. In support of his claim, the appellant had also submitted copy of Bank Statement, duly reflecting references of such loan of Rs. 20,00,000/-. Further, the appellant had submitted in his reply that "This amount of loan was outstanding as on 31.03.2012 in the books of prop....