2023 (7) TMI 1039

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.... Rs. 5,25,000/- by treating the loan received by the assessee from Ms. ManjuTyagi as unexplained cash credit in the facts and circumstances of the case. 3. We have heard the rival submissions and perused the materials available on record. During the year under consideration, the assessee borrowed a sum of Rs. 5,25,000/- from Ms. ManjuTyagi. The assessee furnished the name and address of the lender together with confirmation from the said lender of having advanced money to the assessee. The assessee also furnished the bank statement of the lender wherein it was found that lender had advanced Rs. 5,25,000/- from her overdraft account to the assessee by way of Real Time Gross Settlement (RTGS) fund transfer through regular banking channels. T....

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....lanation given by the assessee that the lender could not be produced before the learned Assessing Officer during the course of original assessment proceeding, deserves to be accepted. However, it is a fact on record that the assessee, indeed produced the lender for examination before the learned Assessing Officer during the remand proceedings, on which date, the learned Assessing Officer was on official duty elsewhere and hence, the lender had handed over all the requisite materials in her possession to the assessee and the assessee had in turn furnished the same before the learned CIT(A). We also find that the learned AR has furnished affidavit from the lender duly confirming the fact of advancement of loan to the assessee by also explaini....