TaxTMI 
TaxTMI 
2022 (7) TMI 743
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....-12. 2. The assessee has raised the following grounds of appeal : 1. On the facts and in the circumstances of the case, the order of the learned Commissioner of Income Tax under section 250 of the Income Tax Act, 1961 is erroneous in law and facts of the case. 2. The learned Commissioner of Income Tax erred in law and facts of the case in holding that the order under section 143(3) read with section 147 dated 10.03.2014 is erroneous and prejudicial to the interest of the revenue. On the facts and in the circumstances of the case the Assessing Officer completed the original assessment without considering all the material facts and without giving any opportunity to the appellant to produce the loan creditors and the Commissioner of Incom....
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....ed loan credits amounting to Rs.25,00,000/- and produced copies of affidavits of loan creditors. The Ld.CIT(A) forwarded the same to the AO to examine the veracity of the claims made by the assessee. The AO submitted in the remand report stating that the copies of affidavits produced by the assessee before the Ld.CIT(A) were verified and the said loan creditors were examined on oath and sworn statements were recorded. On examination, the AO observed that all of them are uneducated and having meagre agricultural land and some of them are having savings bank accounts with no balances. It was observed by the AO that all of them had given unsecured loans totalling to Rs.25,00,000/- to the assessee on a single day without charging any interest, ....
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....dings would be sufficient enough only to manage their livelihood and domestic expenditure. The claim of accumulation of agricultural income and savings to make the impugned advances and that too without interest is farfetched and not supported by any sort of evidence. The Ld.CIT(A) further held that advancing the impugned amounts on a single day in all cases is quiet improbable considering the economic capacity and circumstances. Therefore, held that the AO has correctly made the addition and upheld the same. 6. Aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before the Tribunal. The Ld.AR submitted that the Ld.CIT(A) erred in upholding the addition made by the AO and requested to set aside the order of the Ld.CIT(A) and....
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....al income of these land holdings would be sufficient only to manage their livelihood and domestic expenditure. The Ld.CIT(A) further held that persons with lower income, advancing such a huge amount in a single day is improbable. The main contention of the assessee is that there is nothing wrong in receiving the amount of Rs.25,00,000/- in a single day and they all are agriculturists and they have accumulated profits from their agricultural holdings. But there is no satisfactory evidence about the credit worthiness of the creditors. We are of the view that the assessee failed to establish about the genuineness of the loan transactions except filing the affidavits. Even before us also the assessee has not filed any satisfactory evidence abou....
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....e, it can only be construed that the amount for introduction of fresh capital was met out from unexplained sources made addition under the head 'income from other sources' . 10. Aggrieved by the order of the AO, the assessee preferred an appeal before the CIT(A) and the Ld.CIT(A) after considering the submissions made by the assessee held that the assessee has failed to explain his source for capital of Rs.7,97,500/-. The claim of agricultural income in the earlier years and their accumulation was not substantiated with any evidence. The assessee did not own any agricultural land and did not produce any evidence for lease of agricultural land and income there from. The Ld.CIT(A) observed that the income from agricultural land held by the a....