2020 (4) TMI 432

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....2010 of Income Tax Act, 1961 (in short 'the Act') by the Deputy Commissioner of Income-Tax, Circle-8, Surat (in short "the AO"). 2. Ground No.1: is against confirming of addition of Rs. 4,95,000/- under section 68 of the Act. 3. The assessee has failed to furnish the name and address, PAN, confirmation, acknowledgement of return of income, and bank statement in respect of five persons namely Shri Ranjitbhai Parmar (Rs. 3 lac), Parth Kanubhai Ghediya (Rs. 1lac), Shri Kantibhai G Ghediya (Rs. 25,000), Shri Hiteshbhai K Ghediya (Rs. 45,000) and Shri Sudhirbhai P Madhwani (Rs. 25,000) aggregating to Rs. 4,95,000/-. In view of this matter, these loans were treated as unexplained cash credit under section 68 of the Act. 4. Being dissatis....

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.... the orders of lower authorities. It was contended that no confirmation was filed. Therefore, ld.CIT (A) upheld then action of the AO. 7. We have heard the rival submissions and perused the relevant material on record. We find that in respect of loan of Rs. 1 Lakh from Shri Parth Kumar Ghediya, the assessee has filed acknowledgement of return of income and copy of bank pass book. Therefore, the assessee has discharged his onus under section 68 of the Act. Similarly, the loan of Rs. 3 Lakh was taken from non-resident through banking channel. Hence, for this loan the onus has been discharged. Therefore, genuineness of the same cannot be doubted, accordingly, addition of Rs. 4 Lakh is deleted and balance addition is sustained. This groun....

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....ssessee has failed to establish the claim of receipt of cash from these persons. In counter comment to remand report; the assessee has reiterated the same facts. However, the Ld.CIT(A) has accepted the claim of the assessee regarding the dalali income of Rs. 1,01,850/- from diamond business and returned income of Rs. 1,20,534/-. Thus, after allowing, the set of the same confirmed the balance addition of Rs. 13,79,800/-. 11. Being, aggrieved the assessee filed this appeal before this Tribunal. The learned Counsel submitted that the assessee has obtained funds from near relatives residing in villages who have no access of share trading. This fact is evident from perusal of profit and loss account of the assessee placed at paper book pag....

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....IT [2018] I.T.A.No. 2911/AHD/2016 Surat-Trib]. 12. Per contra, the Ld. DR relied upon the orders of the lower authorities. 13. We have heard the rival submissions and perused the relevant material on record. The perusal of details of cash deposits taken by the assessee from various persons shows that same are below Rs. 19,000, which have also been repaid during the year by the assessee. The AO has denied the claim of the assessee on the ground that no details were filed before him. However, during the course of appellate proceedings, in order to prove the genuineness of the transactions, the assessee has filed details of these persons giving their identity name and address PAN. It has been further contended that these persons were res....