2016 (11) TMI 1659

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....s received from late Banamali Bisoye (father -in-law of the assessee) and Rs. 2 lakhs received from Sri Simachal Panda. 3. I have heard the rival submissions and perused the materials available on record. In the instant case, the Assessing Officer observed that the assessee has received unsecured loan of Rs. 4 lakhs from Late Banamali Bisoye and Rs. 2 lakhs from Sri Simachal Panda. The Assessing officer required the assessee to explain the source of cash deposit of Rs. 4 lakhs and deposit of Rs. 4,00,000/- in cheque on 3.3.2008 in SB A/c No.764321107 maintained in Indian Bank, Berhampur Branch. Further, regarding loan of Rs. 2,00,000/- received from Shri Simachal Panda, the Assessing Officer found that he is not assessed to tax and does ....

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....isfactorily explained by the assessee either before the Assessing Officer or before the ld CIT(A) or even before me. Thus, the creditworthiness of the loan creditor Sri Simachal Panda could not be proved. Hence, I find no good reason to interfere with the order of the ld CIT(A) and, therefore, this part of ground of appeal is dismissed. 7. Regarding loan of Rs. 4 lakhs from Late Banamali Besoyee, it is observed from the bank statement of United Bank of India, B.D.Pur placed at page 5 of PB that Rs. 4 lakh was advanced out of agricultural loan obtained from UBI and thus, the creditworthiness of the loan creditor is proved for advancing the loan of Rs. 4 lakh to the assessee. Hence, I set aside the orders of lower authorities on this issue....

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....bmissions and perused the materials available on record. I find that the addition of Rs. 8 lakhs was made in the hands of the assessee u/s.68 of the Act for deposit the cash of Rs. 4 lacs and cheque of Rs. 4 lakhs in the bank on 3.3.2008 as the assessee failed to explain the source of the same. The source of the deposit also could not be explained before the ld CIT(A). Before me, ld A.R. submitted that the deposit of Rs. 8 lakhs in the bank was the sale proceeds from the business of the assessee of fruits and bricks. However, he could not place any evidence on record to substantiate his claim. Therefore, the argument of the ld A.R. of the assessee that entire Rs. 8 lakhs cannot be treated as income of the assessee but the income embedded of....