TaxTMI 
TaxTMI 
2025 (4) TMI 1947
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....the Income Tax Act, 1961 ("the Act"). Hence, both the parties are in appeal before the Tribunal. 2. The assessee was earlier known as KBJ Developers Ltd. It is engaged in real estate business of constructing and selling residential and commercial properties. The revenue carried out survey operation u/s 133A of the Act in the hands of the assessee on 13-08-2008. During the course of survey operations, it was noticed that the assessee has taken money from 26 persons aggregating to Rs. 3,85,50,000/-. In the statement taken from Director of the assessee company named Shri Mohit Kamboj, he stated that they are short term loans obtained by the assessee company from market @ 12% without giving any security. In view of the survey operations, the....
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....andulal Soni, Meena Kishor Shah and Arving Gala Patel. The aggregate amount mentioned against the name of above said persons was Rs. 42,50,000/-. It was stated that the loans from above said persons were taken by a group concern named M/s KBJ Jewellery P Ltd. It was also noticed by Ld CIT(A) that the assessee has also informed the same to the AO in response to the notice issued by him u/s 133(6)/131 of the Act. Accordingly, the Ld CIT(A) directed the AO to delete the addition of Rs. 42,50,000/-. (c) The list of the loans noted down by the AO in the assessment order contained two unnamed entries in serial no.18 and 19, viz., OW(outward) of Rs. 66.00 lakhs and SB2351011 of Rs. 24.00 lakhs aggregating to Rs. 90.00 lakhs. The assessee ....
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.... other documents mentioned above, meaning thereby, the assessee did not discharge the initial onus placed upon it in respect of Shri Anil Jadhav. Hence the Ld CIT(A) confirmed the addition of Rs. 10.00 lakhs taken from Shri Anil Jadhav u/s 68 of the Act. 6.2. We heard the parties on this issue and perused the record. We notice that the addition has been made u/s 68 of the Act, wherein the initial onus to prove cash credits is placed upon the assessee. In order to discharge the initial burden placed upon the shoulders of the assessee, it is required to prove three main ingredients, viz., identity of the creditor, credit worthiness of the creditor and the genuineness of transactions. The Ld CIT(A) has given a finding that the assessee did ....
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....ished copies of their I T returns and (d) they have furnished copies of their bank statements. Based on these documents, the Ld CIT(A) has held that the assessee has discharged the initial burden placed upon it u/s 68 of the Act by proving three ingredients of identity of the creditors, credit worthiness of creditors and the genuineness of transactions. Accordingly, the ld CIT(A) has deleted the addition of Rs. 2,35,50,000/-. 7.2. We heard the parties and perused the record. We noticed earlier that the Ld CIT(A) has tabulated the details relating to the loans as under:- SR NO. NAME AMOUNT 133(6) REPLY LOAN CONFIRMATION RETURN IT BANK STATEMENT 1 Dheer Gani Deda (HUF) 10,00,000 YES YES YE....
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....three ingredients of identity of the creditors, credit worthiness of creditors and the genuineness of transactions in respect of all the creditors except in the case of Shri Anil Jadhav listed at serial no.8. Hence the ld CIT(A) confirmed the addition of amount taken from Shri Anil Jadhav and granted relief in respect of remaining credits. 7.3. Under the provisions of sec.68 of the Act, the initial burden is placed upon the assessee and if the assessee discharges the said burden, then the burden would be shifted to the shoulders of the assessing officer to disprove the submissions made by the assessee. If the AO fails to discharge the burden shifted to his shoulders, then the AO has to accept the cash credits and in that case, no additio....