TaxTMI 
TaxTMI 
2020 (3) TMI 957
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.... dismissed as such. Ground NO. 8 is general in nature, hence, do not require adjudication. For the sake of convenience, the sole ground no. 7 argued by the Ld. Counsel for the assessee is reproduced as under:- "7. (i) On the facts and circumstances of the case the learned CIT(A) has erred both on facts and in law in confirming the addition of an amount of Rs. 7,50,000/- made by AO on account of amount received in the bank account of the assessee treating the same as unexplained credits under Section 68 of the Act. (ii) That the said addition has been confirmed rejecting the detailed explanation and evidences brought on record by the assessee to prove the identity and creditworthiness of the lenders as well as the genuinene....
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....eral Exchange and thus, has not established the identity, genuineness and credit worthiness of the person, from whom the loan was received. Against the order of the Assessing Officer, assessee filed an appeal before the Ld. CIT(A), who vide his impugned order dated 26.4.2019 has confirmed the addition in dispute by dismissing the appeal of the assessee. Aggrieved with the impugned order, assessee appealed before the Tribunal. 3. At the time of hearing, Ld. Counsel for the assessee submitted that Ld. CIT(A) has wrongly confirmed the addition of Rs. 7,50,000/- made by the AO on account of amount received in the bank account of the assessee treating the same as unexplained credits under section 68 of the Act. It was further submitted that L....
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....ntity card of United Arab Emirates of Mr. Babu Jethani, copy of confirmations; copy of written submissions filed before the Ld. CIT(A); copy of remand report, copy of rejoinder filed before the CIT(A) and the copy of order of CIT(A) in the case of Shiv Kumar Nayyar dated 28.5.2019. After perusing the written submissions as well as the documentary evidences, I am of the view that it is not the case of the AO that the amount received by the assessee is in the nature of accommodation entry. In order to arrive at such a conclusion, the department has to be in possession of sufficient and adequate material. It is noted that assessee has received these amounts from his friend, Sh. Babu Jeethani. The assessee had also submitted the proof of identi....
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....he Ld. CIT (A) are judicious and are well reasoned. Resultantly, these ground raised by the revenue stands dismissed. " 5.1 It is also an undisputed fact that the amount has been received through proper banking channels and for establishing the aforesaid fact, the assessee had also submitted the copy of bank statements. By submitting the aforesaid evidences and explanations, in my view, the assessee has discharged his initial onus for disclosing the identity of the loan provider by submitting the copy of the passport, confirmations, copy of resident identity card of Sh. Babu Jethani. Now the onus shifts on to the department to conduct further enquiries with respect to the unsecure loan and establish that why assessee's case cannot be....
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....hich can be drawn on the basis of reading of such material into judicial conclusions would be improper, more so when the assessee produced material. The least that the assessing officer ought to have done was to enquire into the matter by, if necessary, invoking his powers under Section 131 summoning the share applicants or directors. No effort was made in that regard. In the absence of any such finding that the material disclosed was untrustworthy or lacked credibility the assessing officer merely concluded on the basis of enquiry report, which collected certain facts and the statements of Mr. Mahesh Garg that the income sought to be added fell within the description of Section 68. 7. Having regard to the entirety of facts and cir....