2016 (12) TMI 1795

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e no notice u/s 143(2) was issued or served on the assessee club. 2. Whether on the facts and circumstances of the case and in law the CIT (A) grossly erred in adding loans received from 3 members amounting to Rs. 15 lakhs as unexplained cash credit u/s 68 of the IT Act, without appreciating the fact that the loan was received in the earlier year and paid during the subsequent year. 3. The CIT(A) failed to appreciate that the 3 loans from the members of Rs. 5 lakhs each added u/s 68 as unexplained cash credit were loans taken from members, loans were bona fide and   genuine and reflected in the bank statement and in the Balance  Sheet of the Appellant. 4. That the CIT (A) grossly erred in confirming....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... not furnished the loan confirmation from the above parties. The same is treated as unexplained cash credit u/s 68 of the Income Tax Act, 1961 and added back to the total income. 7. By the impugned order CIT(A) confirmed the addition against which assessee is in further appeal before us. 8. As per learned AR, the details of unsecured loan as on 31st March, 2007 and as on 31st March, 2006 were furnished in Schedule A to the Audited Statement of Account. The copy of the Audited Statement of Account was filed with the Assessing Officer vide letter dated 22nd October, 2012. As per learned AR, no loan confirmation was asked during the assessment proceedings. Learned AR relied on the decision of Patna High Court in the case of Bahri Brother....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ing year 2007-08. The details of repayment is as under: Date Name of the Party Amount (Rs.) Cheque No. and Bank 21/06/2007 Ravi Kiran Agarwal 2,50,000/- 979740- ICICI Bank 22/06/2007 Bhagwan G. Punwani 2,50,000/- 979739- ICICI Bank 26/06/2007 P.K. Khurana 2,50,000/- 979738- ICICI Bank 19/07/2007 Bhagwan G. Punwani 2,50,000/- 979769- ICICI Bank 19/07/2007 Ravi Kiran Agarwal 2,50,000/- 979770- ICICI Bank 20/07/2007 P.K.Khurana 2,50,000/- 979768- ICICI Bank 12. The assessee has also filed copies of ledger account of above three parties. The assessee has also filed the copies of bank statements of the assessee wherein these loans are received, the copies of b....