2015 (3) TMI 1422

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....A, JM: This appeal has been filed by the Assessee against order dated 29.11.2012 passed by Ld. CIT(A) Mumbai in relation to the order passed u/s 154 for the A.Y. 2005-06. 2. The brief facts are that the, assessee is an individual running a communication center and Cyber Café. Return of income was filed on 28.03.2006 declaring total income of Rs.1,03,229/- on a gross receipts of Rs.12,....

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.... because, said loan was taken from the brother and sister prior to A.Y. 1997-98, which is also reflected in the balance sheet and return of income filed from time to time, right from the A.Y. 1997-98 onwards. The copy of balance sheet return of income from the A.Y. 2003-04 onwards were also filed. It was also stated that during the course of the assessment proceedings loan confirmation was not req....

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.... on the ground that there is no mistake apparent from record within the meaning of section 154. 4. After hearing both the parties and on perusal of the material placed on record, it is noticed that the assessee was required to furnish the details of unsecured loan, in response, the assessee had stated as under:- "Temporary loan from brother Mr. Jerald Lawrence Coutinho who is in servic....

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....was taken in the year 1997, for the amount aggregating to Rs.3,25,000/- .Section 68 stipulates that any unexplained sum found credited in the books of the assessee for any previous year, then the same may be taxed as income of the assessee for that previous year. Thus, section 68 can only be invoked if the loan has been taken or the sums have been credited in the books in the relevant previous yea....