TaxTMI 
TaxTMI 
2021 (3) TMI 6
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....is as under: 2. For that Ld. CIT(A) in consideration of the facts and circumstances of the case, is not justified to add bank loan liability of Rs. 2,33,950/- with the income of the appellant u/s 69A as unexplained money. 4. Brief facts of the case as noted by the AO is that during the course of assessment proceedings, it was observed that the assessee maintained personal loan account bearing no. 720907121000151 with Vijaya Bank, Kharagpur Branch, Kharagpur. From the said bank statement, it was found by the AO that the assessee had paid interest to the tune of Rs. 48,831/- during the FY 2011-12 relevant to AY 2012-13 and closing balance stood at Rs. 2,33,950/- (Dr.). According to the AO, the assessee had not shown the liability in his a....
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.... 2012-13. As a result, the closing balance against the loan obtained by the appellant stood at Rs. 2,33,950/-. The assessing officer also found that the liability towards this loan had not been disclosed by the appellant. With this fact in mind, the assessing officer required the appellant to explain why the undisclosed loan obtained by him should not be added back u/s 69B treating the same to be us undisclosed investment. Since, according to the assessing officer, the appellant could not explain the query satisfactorily, he added back the balance amount against loan amounting to Rs. 2,33,950/- u/s 69B of the Act. During the appellate proceedings, the Ld. A.R argued that, the amount in question was not an investment but it was a loan, and t....
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....ecorded in the books, the same may be taxed u/s 69C. this ground of appeal is dismissed." 6. Aggrieved by the aforesaid action of the Ld. CIT(A) the assessee has preferred this ground of appeal only ground no.2 (supra) before this Tribunal. 7. I have heard both the parties and perused the records. The AO during the assessment proceedings observed that the assessee maintained personal loan account bearing no. 720907121000151 with Vijaya Bank, Kharagpur Branch, Kharagpur. From the said personal loan account, it was found by the AO that the assessee had paid interest to the tune of Rs. 48,831/- during the FY 2011-12 relevant to AY 2012- 13 and closing balance stands at Rs. 2,33,950/- (Dr.). However, The AO observed that the assessee had not....
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....e AO while going through the personal loan account of the assessee with Vijaya Bank, Kharagpur Branch supra has observed that the assessee had paid interest to the tune of Rs. 48,831/- during the relevant assessment year and the closing balance stands at Rs. 2,33,950/-. So the source of the loan has to be from Vijaya Bank since it is a finding recorded by the AO and not disturbed by the Ld. CIT(A). During the first appellate proceeding, the assessee has explained before the Ld. CIT(A) that he has taken the loan of Rs. 2,33,950/- from Vijaya Bank for his personal requirement and contended that there was no requirement to reflect the same in his balance sheet. However, the said contention of assessee was repelled by the Ld. CIT(A) and as per ....