2012 (8) TMI 1177

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....A. K.Garodia, AM This is an assessee's appeal directed against the order of ld. CIT (A)-IV, Rajkot dated 22.03.2012 for the assessment year 2006-07. 2. Various grounds are raised by the assessee but only grievance of the assessee is regarding confirmation of addition of Rs. 4.80 Lakhs on account of loan taken by the assessee from 25 depositors. 3. Brief facts till the assessment stage are....

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..... Therefore, the AO held that so called loan of Rs. 4,80,000/- in the name of 25 persons as non genuine and added to the total income of the appellant u/s 68 of the IT Act, 1961." 4. Being aggrieved by the order of the AO, the assessee carried the matter in appeal before the CIT(A) but without success and now, the assessee is in further appeal before us. 5. It was submitted by the ld. AR for....

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.... the order of the AO. 7. We have considered the rival submissions, perused the record available before us and gone through the orders of authorities below. We find that the assessment order in this case was passed by the AO on 26.12.2008. During the course of assessment proceedings, it is noted by the AO that on 2.12.2008 and 24.12.2008, the AR of the Please purchase PDF camp Printer on http://....

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.... ld. CIT(A) and restore back the issue to the file of the AO for afresh decision. The assessee should produce the loan creditors before the AO as required by the AO. The assessee should also produce the documentary evidence regarding repayment of the loan in the subsequent period. The assessee will also produce the evidences about identity and the creditworthiness of the loan creditors as well as ....