2022 (11) TMI 19

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.... against order dated 26.08.2020 of learned Commissioner of Income-Tax (Appeals)-38, Delhi for the assessment year 2013-14. 2. The dispute in the present appeal is confined to addition of Rs.10,00,000 as unexplained cash credit under Section 68 of the Income-Tax Act, 1961. 3. Briefly, the facts are, the assessee is a resident individual. For the assessment year under dispute, assessee filed h....

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....ent, the assessing officer treated the deposit of Rs.10,00,000 made in the bank account as unexplained cash credit for the reason that the assessee was unable to explain the source and nature of such deposits. However, in course of proceedings before learned first appellate authority, the assessee furnished his explanation explaining the source and nature of the deposits. It was submitted by the a....

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....ssee has furnished aadhar card, bank statement and confirmation of Shri Joginder Singh from whom the assessee claimed to have received the amount of Rs.10,00,000. On perusal of the confirmation, a copy of which is placed at page 14 of the paper book, it is observed that the concerned person has admitted of having advanced loan of Rs.10,00,000 to the assessee through account payee cheque. Further, ....

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.... with him to advance the amount. As could be seen, only because the lender did not comply with the summons issued under Section 131 of the Act, the addition has been made. Non-compliance with the summons issued under Section 131 of the Act can be for various reasons. However, that cannot be the solely criteria to treat the loan received as unexplained cash credit under Section 68 of the Act. Unfor....