2023 (11) TMI 641

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....l on the grounds mentioned in Appeal Memo (Form No. 36). 2. Heard the learned Representatives of both sides at length and case records perused. 3. Brief facts leading to present appeal are such that the assessee individual filed her original return on 31.08.2012 declaring a total income of Rs. 5,54,010/-. Subsequently, based on an information received from ADIT(Inv)-1, Udaipur that the assessee had given a loan of Rs. 6,75,000/- to one M/s U.B. Investment which was a part of bogus loan/accommodation giving mechanism adopted by certain group of persons, the AO re-opened assessment through notice dated 27.03.2019 u/s 148. In response, the assessee re-filed return on 19.04.2019 repeating the original income of Rs. 5,54,010/-. Ultimately, the....

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....d the assessee to explain source of the loan given, the assessee submitted that she made a cash-deposit of Rs. 2,25,000/- in her Bank A/c 27.03.2012 & 29.03.2012 and thereafter out of the balance held in Bank A/c, the said loan of Rs. 6,75,000/- was given. Regarding source of cash-deposit of Rs. 2,25,000/- in Bank A/c, the assessee submitted that she made a cash-withdrawal of Rs. 6,00,000/- from same Bank A/c on 10.03.2012 and the unutilized balance available out of such withdrawal was re-deposited. But the AO did not accept claim of redeposit out of previous withdrawal with the reasoning that the assessee had already re-deposited in bank a/c on 16.03.2012 & 19.03.2012. Then, the AO also noted, in Para No. 6 of assessment-order, the modus o....

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.... TDS credit in AY 2013-14 which the department has assessed. Ld. AR pointed out that the assessee did not charge any interest for AY 2012-13 under consideration for the reason that loan itself was given on 29.03.2012 which remained outstanding just for 2/3 days in that year. Ld. AR carried us to the documents filed at Page No. 7-14 of Paper-Book-II to show all these facts. Thus, the loan given by assessee is very much genuine. 7. With regard to the source of cash deposit of Rs. 2,25,000/- in bank a/c before giving impugned loan, Ld. AR carried us to Paper-Book-I Page No. 10-19 where a copy of assessee's bank a/c is filed. Referring to same, Ld. AR demonstrated that the assessee made a cash-withdrawal of Rs. 6,00,000/- on 10.03.2012 and mad....