TaxTMI 
TaxTMI 
2019 (4) TMI 1961
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....d by the assessee as unexplained income of the assessee u/s 68 of the Income-tax Act, 1961 (in short 'the Act '). 2. The Assessing officer during the assessment proceedings, noted that the assessee during the year had received a loan of Rs. 4 lacs from one Shri Sham Singh. On being asked to explain the genuineness of the transact ions and creditworthiness of the creditor, the assessee stated that Shri Sham Singh had advanced the loan from his bank account. That he had applied to the bank for supply of copy of the bank statement. However, since the bank authorities did not supply the copy of the bank statement, the Assessing officer completed the assessment making the addition of Rs. 4 lacs into the income of the assessee treating t....
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....e therefore, held that from the circumstances it appeared that assessee had routed its own unaccounted money through different accounts which ultimately had been shown as a loan from Shri Sham Singh. He, therefore, held that the assessee had failed to establish creditworthiness of Shri Sham Singh. He, accordingly confirmed the order of the Assessing officer making the impugned addition of Rs. 4 lacs. 4. Being aggrieved by the above order of the CIT(A), the assessee came in appeal before the Tribunal. 5. We have heard the rival content ions and have also gone through the record. A perusal of the order of the CIT(A) reveals that the assessee had duly furnished not only the bank statement of Shri Sham Singh, creditor but also the bank statem....