2025 (5) TMI 1561

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....sented : Shri S K Agal, Sr. D. R. ORDER PER : DR. BRR KUMAR, VICE PRESIDENT: This appeal is filed by the Assessee as against the appellate order dated 27.01.2025 passed by the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre, Delhi, relating to the Assessment Year 2015-16. 2. The assessee has raised the following grounds of appeal: 1. The Learned CIT(A) err....

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....essee which are as follows: Sr.No. Party Name Amount Nature of Relation 1. Balumatiben kantibhai Barot 1,20,000 All are maternal side relative of the Assessee and Agriculturist. 2. Jigar Kantibhai Barot 1,22,000 3. Kantilal Manilal Barot (Died on 25.08.2020) 1,24,000 4. Prakshchandra Kantibhai Barot 1,73,000 5. Bharatbhai Harvovandas Barot ....

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....loan of Rs. 9,62,000/- to the assessee, hence the genuineness and creditworthiness of the transaction were remained unverified. So the Assessing Officer assumed that this amount claimed as loan received is assessee own money received from undisclosed sources and as such this loan of Rs. 9,62,000/- is treated as bogus and added back to the total income of the assessee u/s.68 of the Act as unexplain....

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....iness of the creditors have to be applied. 7.9 With regard to creditworthiness of each purported creditor, the appellant has furnished copies of land records. No other supporting document has been furnished such as details of sale of agricultural produce, expenses incurred, crops cultivated, application of income, income-expenditure accounts, balance sheets, bank statements, cash book etc....