2022 (11) TMI 19

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arned 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 his return of income on 04.08.2013 declari....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 assessee, the amount was received from Shri Jogi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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, on perusal of bank statement of the lender, a c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....en, 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. Unfortunately, learned first appellate authority has....