2025 (2) TMI 1629

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....f Rs 10,00,000/- under section 68 of the Act. 2. On the facts and circumstances of the case Ld Lower Authorities grossly erred in making and confirming addition of Rs 10,00,000/- under section 68 of the Act with considering the fact that assessee retuned back the amount to the lender on 04-04-2016. 3. On the facts and circumstances of the case Ld CIT(A) grossly erred in confirming addition of Rs 10,00,000/- under section 68 of the Act with considering the fact that assessee is not liable for proving source of the source. 4. That the appellant craves his indulgence to add, amend, alters or deletes the grounds of appeal. 2. The brief facts of the case are that the assessee individual filed his return of income at....

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.... of the I.T. Rules, 1962 the Ld. CIT (A) called for the remand report from the JAO. We have examined the remand report of the AO alongwith the bank statements and ITR of the creditor and apparently found to be correct that neither the creditor nor the assessee maintained good/enough balance in their respective bank accounts. The creditor of the assessee deposited Rs. 8,15,267/- and Rs. 2, 00,000/- on 26.03.2014 and 28.03.2014 respectively and the same were transferred to the assessee on 28.03.2014. The assessee also received the same on 28.03.2014 and consumed the balance on 28.03.2014 and 29.03.2014. The assessee also produced bank statement for the period 01.04.2016 to 21.07.2016, in which it was shown to us that the amount of loan return....

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....dited may be charged to income-tax as the income of the assessee of that previous year: Provided that where the sum so credited consists of loan or borrowing or any such amount, by whatever name called, any explanation offered by such assessee shall be deemed to be not satisfactory, unless, - (a) the person in whose name such credit is recorded in the books of such assessee also offers an explanation about the nature and source of such sum so credited; and (b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory: Provided further that] where the assessee is a company (not being a company in which the public are substantially interested), and the sum so credi....