TaxTMI 
TaxTMI 
2013 (12) TMI 1715
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....d adjournment in all the cases of "B" Bench to be argued by Ld. Sr. DR i.e., on 24.12.2013. On query from the Bench, Ld. CIT (DR), ITAT-II intimated that, except one, four Sr. DRs' posts are lying vacant since long. Ld. CIT, DR stated that all cases represented by CIT, DR are fully prepared and normally no adjournment is asked for. This is grim position as regards to attitude of Sr. DRs and normally Sr. DRs, who are given timely duty to represent the cases before various benches in Kolkata Tribunal are either not preparing or seeking adjournment in all cases. This typical detail in respect of one Sr. DR reported by CIT, DR, ITAT-II vide letter No. CIT/ITAT/Kol/Misc./2013-14/2068 dated 24.12.2013, which reads as under: Sub: D....
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....ation in course of assessment proceeding. 3. Briefly stated facts are that the assessee has taken a fresh loan of ₹ 8.75 lac, ₹ 4 lac and ₹ 2 lac from Shri Chainrup Choraria, Smt. Chandra Kala Dugar and Shri Babulal Dugar respectively. According to AO, the assessee has not filed any evidence to establish the identity, creditworthiness of the loan creditors and genuineness of transaction and accordingly, he made addition of these unsecured loans as income from undisclosed sources u/s. 68 of the Act. Aggrieved, assessee preferred appeal before CIT(A), who deleted the addition by observing in para 5 as under: 5. I have perused the assessment order and the assessment record. I find merit in the contentions of the appellant.....
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....cord to show that the money deposited in the bank account of the loan creditors is the unaccounted money of the appellant. In absence of any positive material on record to show any nexus, the AO cannot presume that the deposits in the bank account of the loan creditors was unaccounted money of the appellant. There is no material on record to suggest that the appellant earned unaccounted income which was passed on to the loan creditors, and then, flew back in the form of loans. In view of the above, the addition of ₹ 14,75,000/- is directed to be deleted. Ground No. 2, 3, 4 & 5 are allowed. 4. We find that the assessee has filed loan confirmations, details of income tax assessment of loan creditors i.e. copy of their PAN, bank stateme....