The Income Tax Officer, Bathinda V. Sh. Ramesh Kumar Jindal, Bathinda

CO 40/ASR/2013

• Counselvise Citation: [2016] 123 COUNSELVISE.COM (IT) 2055 (ITAT-AMRITSAR)
• Duration Of Justice: 2 year(s) 6 month(s) 6 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 26-02-2016
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 24-02-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 20-08-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: R K SHARDA
• Assessee Lawyers: P N ARORA
• Keywords: Peak credit; Assessment record
• Section: 131; 68; 69

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR BEFORE SH. A.D.JAIN, HONBLE JUDICIAL MEMBER AND SH. T.S. KAPOOR, HONBLE ACCOUNTANT MEMBER I.T.A NO.451(ASR)/2013 ASSESSMENT YEAR: 2009-10 THE INCOME TAX OFFICER, WARD-I(I), BATHINDA. VS. SH. RAMESH KUMAR JINDAL, PROP. M/S LAXMI MEDICOS, HOSPITAL BAZAR, BATHINDA. PAN:ABJPJ4702E (APPELLANT) (RESPONDENT) CROSS OBJECTION NO.40(ASR)/2013 (ARISING OUT OF ITA NO.451(ASR)/2013) ASSESSMENT YEAR: 2009-10 SH. RAMESH KUMAR JINDAL, PROP. M/S LAXMI MEDICOS, HOSPITAL BAZAR, BATHINDA. PAN:ABJPJ4702E VS. THE INCOME TAX OFFICER, WARD-I(I), BATHINDA. (CROSS OBJECTOR) (RESPONDENT) APPELLANT BY: SH. R.K. SHARDA (DR.) RESPONDENT BY: SH. P.N. ARORA, (ADV.) DATE OF HEARING: 24.02.2016 DATE OF PRONO UNCEMENT: 26.02.2016 ORDER PER T. S. KAPOOR (AM): THIS IS AN APPEAL FILED BY REVENUE AGAINST THE ORDER OF LEARNED CIT(A), BATHINDA, DATED 22.03.3013, FOR THE ASST. Y EAR 2009-10. 2. THE REVENUE HAS TAKEN FOLLOWING GROUNDS OF A PPEAL. (1) THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD. CIT(A), HAS ERRED IN DELETING THE ADDITION OF:- ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 2 (I) RS.93,57,163/- ON ACCOUNT OF CASH DEPOSITED INTO SA VING BANK AND CURRENT ACCOUNT BY THE ASSESSEE. (II) RS.3,12,000/- ON ACCOUNT OF DISALLOWANCE OF INTERES T EXPENSES. (2) THAT IT IS PRAYED THAT THE ORDER OF THE LD. C IT(A) BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED. (3) THAT THE APPELLANT CRAVES LEAVE TO ADD OR AMEN D ANY GROUNDS OF APPEAL BEFORE THE APPEAL IS HEARD OFF OR DISPOSED O FF. 3. THE ASSESSEE HAS ALSO FILED THE CROSS OBJECTION S AND THE GROUNDS TAKEN IN CROSS OBJECTIONS ARE REPRODUCED BE LOW. (I) ON THE FACTS AND CIRCUMSTANCES OF THE CASE, TH E LEARNED CIT(A) HAS ERRED IN CONFIRMING THE ADDITION OF RS.1 9,48,086/- ON ACCOUNT OF SHRI ARUN KUMAR S/O SHRI VED PARKASH, LUDHIANA, CREDITOR WITHOUT EXAMINING HIM UNDER SECT ION 131 OR MAKING ENQUIRY BY ISSUING COMMISSION. THEREFORE, AD DITION CONFIRMED WITHOUT EXAMINING THE CREDITOR BY THE AO AND ALSO WITHOUT PROVIDING OPPORTUNITY TO CROSS EXAMINE HIM IS ILLEGAL, UNCALLED FOR AND BE DELETED. 4. THE BRIEF FACTS OF THE CASE AS NOTED IN THE ASSE SSMENT ORDER ARE THAT THE ASSESSEE IS ENGAGED IN THE BUSIN ESS AS A WHOLESALE CHEMIST. THE CASE OF THE ASSESSEE WAS SEL ECTED FOR SCRUTINY. DURING THE ASSESSMENT PROCEEDINGS, THE AS SESSING OFFICER DISALLOWED A PART OF INTEREST DEBITED BY AS SESSEE IN HIS PROFIT AND LOSS ACCOUNT ON THE BASIS THAT A PART OF THE BANK LOAN WAS UTILIZED BY ASSESSEE FOR HIS PERSONAL PURP OSES. THE ASSESSING OFFICER FURTHER OBSERVED THAT ASSESSEE HA S CLOSING BALANCE OF AN UNSECURED LOAN FOR AN AMOUNT OF RS.19 ,48,086/- IN THE NAME OF SH. ARUN KUMAR AND THEREFORE, ASSESS EE WAS REQUIRED TO PROVE IDENTITY AND CAPACITY OF THE LOAN CREDITOR. IN ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 3 HIS REPLY, THE ASSESSEE SUBMITTED THAT LOAN CREDITO R HAS TURNED HOSTILE AND THEREFORE, ASSESSEE REQUESTED TO THE ASSESSING OFFICER TO SUMMON LOAN CREDITOR AND THERE FORE, A SUMMON DATED 9.11.2011 WAS ISSUED TO SUCH CREDITOR, HOWEVER, THE CREDITOR DID NOT APPEAR AND ASSESSEE W AS AGAIN REQUESTED TO PROVE IDENTITY AND CAPACITY OF THE LOA N CREDITOR. THE ASSESSEE DID NOT FILE ANY BANK ACCOUNT OF CREDI TOR AND DID NOT FILE COPY OF RETURN AND THEREFORE, THE ASSESSIN G OFFICER MADE ADDITION OF RS.19,48,086/- AS INCOME U/S 68 OF THE I.T.ACT,1961. THE ASSESSING OFFICER, FURTHER OBSERV ED THAT THE ASSESSEE HAD OPENED A BANK ACCOUNT ON 26.06.2008 WI TH A CASH DEPOSIT OF RS10,000/- AND HAS DEPOSITED A TOTA L AMOUNT OF RS.69,04,077/- IN THIS BANK ACCOUNT ON VARIOUS D ATES. HE FURTHER OBSERVED THAT MOST OF THE DEPOSITS RELATED TO CASH DEPOSITS AND TRANSFER FROM CD A/C 1157. THE ASSESSI NG OFFICER OBSERVED THAT THE ACCOUNT WAS NOT DISCLOSED IN THE BOOKS OF ACCOUNTS AND ASSESSEE DID NOT FURNISH ANY EXPLANATI ON FOR DEPOSITS AND WITHDRAWALS. THE ASSESSING OFFICER FUR THER OBSERVED THAT THE ASSESSEE WAS ALSO HAVING A CURREN T ACCOUNT IN WHICH A TOTAL CASH OF RS.37,10,086/- WAS DEPOSIT ED THROUGH CASH AND TRANSFERS ON VARIOUS DATES. THE ASSESSING OFFICER OBSERVED THAT THIS ACCOUNT WAS ALSO NOT DISCLOSED I N THE BOOKS OF ACCOUNTS. THE ASSESSING OFFICER FROM THE EXAMINA TION OF ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 4 SUCH ACCOUNTS OBSERVED THAT A PART OF DEPOSITS MADE IN THE BANK COULD BE RELATED TO WITHDRAWALS FROM ANOTHER B ANK, THEREFORE, HE TREATED RS.12,57,000/- TO HAVE BEEN E XPLAINED BY THE ASSESSEE AND FOR THE REMAINING AMOUNT OF RS.93, 57,163/-, THE ASSESSING OFFICER MADE THE ADDITION U/S 69 OF T HE INCOME TAX ACT,1961. 5. AGGRIEVED THE ASSESSEE FILED APPEAL AND FILED VA RIOUS SUBMISSIONS BEFORE THE LEARNED CIT(A) AND THE LEARN ED CIT(A) PARTLY ALLOWED THE APPEAL OF ASSESSEE BY HOLDING AS UNDER: DURING THE COURSE OF APPELLANT SHRI PARSHOTAM K. SINGL A, ADVOCATE HAS APPEARED AND ARGUED THE CASE MAINLY RELYING UPON THE GROUNDS OF APPEAL TAKEN BY HIM AND AFTER CAREFULLY CONSIDERING THE ARGUM ENTS OF THE LEARNED A/R OF THE ASSESSEE APPELLANT GROUNDS OF AP PEAL, FACTS AND CIRCUMSTANCES OF THE CASE, ASSESSMENT ORDER PASSED BY THE AO AND PERUSAL OF THE ASSESSMENT RECORD THE APPEAL IS DECI DED AS UNDER:- GROUND OF APPEAL NO. 1 AND 6 ARE OF GENERAL NATURE, HENCE NOT ADJUDICATED. GROUND OF APPEAL NO. 2 OF THE ASSESSEE APPELLANT IS ON ACCOUNT OF DISALLOWANCE OF INTEREST OF RS. 312660/- OUT OF THE INTEREST PAID TO THE BANK. DURING THE APPELLATE PROCEEDINGS THE LEARNED A/R OF THE ASSESSEE APPELLANT ARGUED THAT ASSESSEE APPELLANT, AS PER COPY OF BALANCE SHEET ENCLOSED, T AKEN A LOAN FROM THE BANK AS ON 31-03-2008 AGAINST HYPOTHECATION OF STOCK AMOUNT ING TO RS. 9906060/- AND AS ON 31-03-2009 AMOUNTING TO RS. 9498826/-, THEREFORE, NO LOAN HAS BEEN RAISED DURING THE YEAR ON ACCOUNT OF AMOUNT DEBITED IN THE CAPITAL ACCOUNT ON 28-11- 2007 AND IF ANY INTEREST HAS TO BE DISALLOWED THAT HAS TO BE ON THE OPENING DEBIT BALANCE OF THE CAPITAL ACCOUNT OF RS. 4065485/-. THE ASSESSEE APPELLANT HAS ALREADY DISALLOWED A SUM OF RS. 600000/- OUT OF TOTA L INTEREST PAID TO THE HANK, THEREFORE, FURTHER DISALLOWANCE MADE BY THE ASSESSIN G OFFICER IS NOT JUSTIFIED I HAD CAREFULLY EXAMINED THE BALANCE SHEETS OF THE AS SESSEE APPELLANT AND FIND THAT SECURED AND UNSECURED LOANS AGAINST WHICH INTE REST IS BEING PAID BY THE ASSESSEE APPELLANT ARE AS ON 31-03-2008 AMOUNTING T O RS. 13438076/- (SECURED RS. 10070539/- + UNSECURED RS. 3367537/-) AND AS ON 3 1-03-2009 AMOUNTING TO RS. 13078765/- (SECURED RS. 10151757/- + UNSECURED RS. 2927008/-). THIS SHOWS THAT DURING THE YEAR ASSESSEE APPELLANT HAS N OT TAKEN ANY LOAN AGAINST WHICH ANY INTEREST HAS BEEN PAID EXCEPT THE LOAN AS TAKEN IN THE EARLIER YEARS. THEREFORE, I AM OF THE VIEW THAT THE AMOUNT ON WHIC H INTEREST HAS ONLY TO BE DISALLOWED SHOULD BE RESTRICTED TO THE OPENING DEBI T CAPITAL BALANCE I.E. RS. 4065485/-. ON THIS DEBIT BALANCE IF THE INTEREST IS CHARGED @ 13% PER ANNUM IT WOULD APPROXIMATELY COME TO RS. 569000/-. AGAINST WH ICH THE ASSESSEE APPELLANT HAS ALREADY DISALLOWED A SUM OF RS. 600000/- AT THE TIME OF FILING OF RETURN. AS ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 5 SUCH, THE FURTHER DISALLOWANCE MADE OF RS. 312000/- ON THIS ACCOUNT IS NOT IN ORDER. THE SAME IS ALLOWED AND ADDITION MADE OF RS. 312000/- IS DELETED. GROUND OF APPEAL NO. 3, 4 & 5 IS ON ACCOUNT OF ADDI TION MADE UNDER SECTION 68 OF THE INCOME TAX ACT ON ACCOUNT OF CASH CREDIT IN THE NAME OF SHRI ARUN KUMAR S/O SHRI VED PARKASH, LUDHIANA AMOUNTING TO RS. 1948086/ - AND UNDER SECTION 69 OF THE INCOME TAX ACT AMOUNTING TO RS. 9357163/- ON ACCO UNT OF ENTRIES IN THE SAVING AND CURRENT BANK ACCOUNT OF THE ASSESSEE APP ELLANT. DURING THE APPELLATE PROCEEDINGS THE LEARNED A/R OF THE ASSESSEE APPELLANT ARGUED THAT THE ENTRIES IN ALL THESE ACCOUNTS ARE MOSTLY PERTAINING TO ONE SHR I ARUN KUMAR S/O SHRI VED PARKASH. DURING THE ASSESSMENT PROCEEDINGS THE ASSE SSEE APPELLANT HAS MADE A SPECIFIC REQUEST TO EXAMINE SHRI ARUN KUMAR UNDER S ECTION 131 OF THE INCOME TAX ACT BUT THE AO HAS NOT PURSUED THE SUMMONS ISSUED AND MADE EFFORTS TO EXAMINE SHRI ARUN KUMAR. DURING THE APPELLATE PROCEEDINGS ON 28-12- 2012 THE AO HAS BEEN DIRECTED TO EXAMINE SHRI ARUN KUMAR AFTER ISSUI NG NECESSARY SUMMONS AS REQUESTED BY THE LEARNED A/R OF THE ASSESSEE APPELLAN T. THE AO HAS REPORTED TO ME THAT HE HAS ISSUED THE SUMMONS BUT THE SAME HAS BEEN RECEIVED BACK, WITH THE REMARKS THAT NO SUCH H.NO. 856/11, SITA NAGAR, IN LUDHIANA. THE AO HAS FURTHER TOLD ME THAT HE HAS CONTACTED SHRI ARUN KUMA R ON MOBILE BUT HE HAS REFUSED TO TALK ON THIS MATTER. IN VIEW OF ALL THES E FACTORS, I AM OF THE VIEW THAT THE ASSESSEE APPELLANT HAS FAILED TO PROVE THE SOURCE O F ENTRIES IN ALL THE THREE ACCOUNTS I.E. IN THE ACCOUNT OF SHRI ARUN KUMAR AS A PPEARING IN THE BOOKS OF ACCOUNTS OF THE ASSESSEE APPELLANT AND IN THE SAVIN G ACCOUNT NUMBER 652710110001654 AND CURRENT DEPOSIT ACCOUNT NO. 652 710110000133 IN THE NAME OF ASSESSEE APPELLANT. THEREFORE, THE AO HAS R IGHTLY MADE ADDITION ON ACCOUNT OF ENTRIES IN ALL THE THREE ACCOUNTS BY TRE ATING IT AS INCOME OF THE ASSESSEE APPELLANT FROM UNDISCLOSED INCOME. BUT I FULLY AGRE E WITH THE ARGUMENTS OF LEARNED A/R OF THE ASSESSEE APPELLANT THAT IF ANY ADD ITION HAS TO BE MADE THEN THE SAME SHOULD HAVE BEEN MADE BY TREATING AT THESE THREE ACCOUNTS TOGETHER AND PEAK OF ALL THE DEBIT AND CREDIT ENTRIES SHOULD BE TAKEN FOR THIS PURPOSE. THE LEARNED COUNSEL OF THE ASSESSEE APPELLANT HAS FILED THE CONSOLIDATED SINGLE ACCOUNT OF ALL CREDIT AND DEBIT ENTRIES OF ALL THE THREE ACCOUNTS I.E. ACCOUNT OF SHRI ARUN KUMAR, SAVING ACCOUNT NUMBER 652710110001654 AN D CURRENT DEPOSIT ACCOUNT NO. 652710110000133 AS ALL THE THREE ACCOUN TS ARE INTERCONNECTED. THE COMBINED CASH CREDIT ACCOUNT OF SHRI RAMESH KUMAR A S FILED BY THE LEARNED COUNSE/REPRODUCED HERE AS UNDER: ACCOUNT NO 1 DETAILS OF CASH CREDIT ACCOUNT OF SHRI ARUN KUMAR ACCOUNT NO 2 DETAILS OF SAVINGS A/C OF SHRI RAMESH KUMAR - 652710110001654 ACCOUNT NO 3 DETAILS OF CURRENT A/C OF SHRI RAMESH KUMAR 6527201100011 COMBINED CASH CREDIT A/C OF RAMESH KUMAR 1-APR-2008 TO 31-MARCH-2009 DATE PARTICULARS VCH TYPE VCH NO. DEBIT CREDIT BALANCE 17,500.00 4/3/2008 ACCOUNT NO 1 PAYMENT 1 12,000.00 29,500.00 4/4/2008 ACCOUNT NO 1 PAYMENT 2 12,000.00 41,500.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 6 4/5/2008 ACCOUNT NO 1 PAYMENT 3 12,000.00 53,500.00 4/8/2008 ACCOUNT NO 1 PAYMENT 4 12,000.00 65,500.00 4/9/2008 ACCOUNT NO 1 PAYMENT 5 6,000.00 71,500.00 4/11/2008 ACCOUNT NO 1 PAYMENT 6 6,000.00 77,500.00 4/15/2008 ACCOUNT NO 1 PAYMENT 7 12,000.00 89,500.00 4/16/2008 ACCOUNT NO 1 PAYMENT 8 12,000.00 101,500.00 4/17/2008 ACCOUNT NO 1 PAYMENT 9 12,000.00 113,500.00 4/19/2008 ACCOUNT NO 1 PAYMENT 10 12,000.00 125,500.00 4/21/2008 ACCOUNT NO 1 PAYMENT 11 12,000.00 137,500.00 4/22/2008 ACCOUNT NO 1 PAYMENT 6,000.00 143,500.00 4/23/2008 ACCOUNT NO 1 PAYMENT 13 6,000.00 149,500.00 4/24/2008 ACCOUNT NO 1 PAYMENT 14 6,000.00 155,500.00 4/25/2008 ACCOUNT NO 1 PAYMENT 15 6,000.00 161,500.00 4/26/2008 ACCOUNT NO 1 PAYMENT 16 6,000.00 167,500.00 4/28/2008 ACCOUNT NO 1 PAYMENT 17 18,000.00 185,500.00 4/29/2008 ACCOUNT NO 1 PAYMENT 18 12,000.00 197,500.00 4/30/2008 ACCOUNT NO 1 PAYMENT 19 6,000.00 203,500.00 5/1/2008 ACCOUNT NO 1 PAYMENT 20 6,000.00 209,500.00 5/3/2008 ACCOUNT NO 1 PAYMENT 21 6,000.00 215,500.00 5/6/2008 ACCOUNT NO 1 PAYMENT 22 18,000.00 233,500.00 5/7/2008 ACCOUNT NO 1 PAYMENT 23 6,000.00 239,500.00 5/8/2008 ACCOUNT NO 1 PAYMENT 24 6,000.00 245,500.00 5/10/2008 ACCOUNT NO 1 PAYMENT 25 12,000.00 257,500.00 5/15/2008 ACCOUNT NO 1 PAYMENT 26 30,000.00 287,500.00 5/16/2008 ACCOUNT NO 1 PAYMENT 27 12,000.00 299,500.00 5/17/2008 ACCOUNT NO 1 PAYMENT 28 6,000.00 305,500.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 7 5/19/2008 ACCOUNT NO 1 PAYMENT 29 6,000.00 311,500.00 6/27/2008 ACCOUNT NO 2 RECEIPT 1 500,000.00 188,500.00 6/27/2008 ACCOUNT NO 2 -CB RECEIPT 2 10,000.00 198,500.00 6/27/2008 ACCOUNT NO 2 -CB PAYMENT 30 100,000.00 98,500.00 6/28/2008 ACCOUNT NO 2 -CB PAYMENT 31 250,000.00 151,500.00 6/28/2008 ACCOUNT NO 2 -CB PAYMENT 32 150,000.00 301,500.00 7/1/2008 ACCOUNT NO 2 RECEIPT 3 700,000.00 398,500.00 7/1/2008 ACCOUNT NO 2 -CB PAYMENT 33 700,000.00 301,500.00 7/4/2008 ACCOUNT NO 2 RECEIPT 4 400,000.00 98,500.00 7/4/2008 ACCOUNT NO 2 -CB PAYMENT 34 400,000.00 301,500.00 7/10/2008 ACCOUNT NO 2 PAYMENT 35 42,000.00 343,500.00 7/10/2008 ACCOUNT NO 2 -CB RECEIPT 5 50,000.00 293,500.00 7/11/2008 ACCOUNT NO 2 -CB PAYMENT 36 15,000.00 308,500.00 7/19/2008 ACCOUNT NO 2 RECEIPT 6 42,000.00 266,500.00 7/19/2008 ACCOUNT NO 2 PAYMENT 38 42,000.00 308,500.00 7/22/2008 ACCOUNT NO 2 RECEIPT 7 1,200,000.00 891,500.00 7/22/2008 ACCOUNT NO 2 -CB PAYMENT 39 600,000.00 291,500.00 7/22/2008 ACCOUNT NO 2 -CB PAYMENT 40 600,000.00 308,500.00 7/25/2008 ACCOUNT NO 2 PAYMENT 41 42,000.00 350,500.00 7/25/2008 ACCOUNT NO 2 -CB RECEIPT 8 42,000.00 308,500.00 7/29/2008 ACCOUNT NO 2 RECEIPT 9 600,000.00 291,500.00 7/29/2008 ACCOUNT NO 2 -CB PAYMENT 42 125,000.00 166,500.00 7/29/2008 ACCOUNT NO 2 -CB PAYMENT 43 175,000.00 8,500.00 7/30/2008 ACCOUNT NO 2 RECEIPT 10 600,000.00 591,500.00 7/30/2008 ACCOUNT NO 2 -CB PAYMENT 44 300,000.00 291,500.00 7/30/2008 ACCOUNT NO 2 -CB PAYMENT 45 600,000.00 308,500.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 8 8/1/2008 ACCOUNT NO 2 PAYMENT 46 42,000.00 350,500.00 8/1/2008 ACCOUNT NO 2 PAYMENT 47 12,000.00 362,500.00 8/1/2008 ACCOUNT NO 2 -CB RECEIPT 11 55,000.00 307,500.00 8/4/2008 ACCOUNT NO 2 PAYMENT 48 12,000.00 319,500.00 8/4/2008 ACCOUNT NO 2 PAYMENT 49 12,000.00 331,500.00 8/4/2008 ACCOUNT NO 2 PAYMENT 50 12,000.00 343,500.00 8/4/2008 ACCOUNT NO 2 -CB RECEIPT 13 40,000.00 303,500.00 8/5/2008 ACCOUNT NO 2 RECEIPT 14 15,000.00 288,500.00 8/5/2008 ACCOUNT NO 2 PAYMENT 51 12,000.00 300,500.00 8/6/2008 ACCOUNT NO 2 RECEIPT 15 10,000.00 290,500.00 8/7/2008 ACCOUNT NO 2 RECEIPT 16 49,000.00 241,500.00 8/7/2008 ACCOUNT NO 2 PAYMENT 53 42,000.00 283,500.00 8/7/2008 ACCOUNT NO 2 PAYMENT 54 12,000.00 295,500.00 8/7/2008 ACCOUNT NO 2 PAYMENT 55 12,000.00 307,500.00 8/8/2008 ACCOUNT NO 2 RECEIPT 17 10,000.00 297,500.00 8/8/2008 ACCOUNT NO 2 PAYMENT 56 12,000.00 309,500.00 8/9/2008 ACCOUNT NO 2 PAYMENT 57 12,000.00 321,500.00 8/9/2008 ACCOUNT NO 2 - CB RECEIPT 18 15,000.00 306,500.00 8/11/2008 ACCOUNT NO 2 RECEIPT 19 15,000.00 291,500.00 8/11/2008 ACCOUNT NO 2 -CB RECEIPT 20 10,000.00 281,500.00 8/12/2008 ACCOUNT NO 2 RECEIPT 21 15,000.00 266,500.00 8/12/2008 ACCOUNT NO 2 PAYMENT 58 12,000.00 278,500.00 8/12/2008 ACCOUNT NO 2 PAYMENT 59 12,000.00 290,500.00 8/12/2008 ACCOUNT NO 2 PAYMENT 60 12,000.00 302,500.00 8/12/2008 ACCOUNT NO 2 RECEIPT 22 7,000.00 295,500.00 8/14/2008 ACCOUNT NO 2 PAYMENT 63 12,000.00 307,500.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 9 8/14/2008 ACCOUNT NO 2 PAYMENT 64 42,000.00 349,500.00 8/14/2008 ACCOUNT NO 2 RECEIPT 23 10,000.00 339,500.00 8/14/2008 ACCOUNT NO 2 PAYMENT 65 12,000.00 351,500.00 8/14/2008 ACCOUNT NO 2 -CB RECEIPT 24 45,000.00 306,500.00 8/16/2008 ACCOUNT NO 2 RECEIPT 25 10,000.00 296,500.00 8/16/2008 ACCOUNT NO 2 PAYMENT 66 12,000.00 308,500.00 8/16/2008 ACCOUNT NO 2 PAYMENT 67 12,000.00 320,500.00 8/16/2008 ACCOUNT NO 2 -CB RECEIPT 26 20,000.00 300,500.00 8/18/2008 ACCOUNT NO 2 PAYMENT 68 12,000.00 312,500.00 8/18/2008 ACCOUNT NO 2 PAYMENT 69 12,000.00 324,500.00 8/18/2008 ACCOUNT NO 2 -CB RECEIPT 27 25,000.00 299,500.00 8/19/2008 ACCOUNT NO 2 PAYMENT 70 12,000.00 311,500.00 8/19/2008 ACCOUNT NO 2 RECEIPT 28 20,000.00 291,500.00 8/19/2008 ACCOUNT NO 2 PAYMENT 71 36,000.00 327,500.00 8/19/2008 ACCOUNT NO 2 -CB RECEIPT 29 30,000.00 297,500.00 8/21/2008 ACCOUNT NO 2 PAYMENT 73 12,000.00 309,500.00 8/21/2008 ACCOUNT NO 2 RECEIPT 30 45,000.00 264,500.00 8/21/2008 ACCOUNT NO 2 -CB RECEIPT 31 25,000.00 239,500.00 8/22/2008 ACCOUNT NO 2 PAYMENT 74 42,000.00 281,500.00 8/22/2008 ACCOUNT NO 2 PAYMENT 75 12,000.00 293,500.00 8/22/2008 ACCOUNT NO 2 PAYMENT 76 12,000.00 305,500.00 8/22/2008 ACCOUNT NO 2 RECEIPT 32 10,000.00 295,500.00 8/23/2008 ACCOUNT NO 2 RECEIPT 33 15,000.00 280,500.00 8/23/2008 ACCOUNT NO 2 PAYMENT 77 12,000.00 292,500.00 8/25/2008 ACCOUNT NO 2 PAYMENT 78 12,000.00 304,500.00 8/25/2008 ACCOUNT NO 2 PAYMENT 79 36,000.00 340,500.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 10 8/25/2008 ACCOUNT NO 2 PAYMENT 80 12,000.00 352,500.00 8/25/2008 ACCOUNT NO 2 -CB RECEIPT 34 45,000.00 307,500.00 8/26/2008 ACCOUNT NO 2 PAYMENT 81 12,000.00 319,500.00 8/26/2008 ACCOUNT NO 2 RECEIPT 35 12,000.00 307,500.00 8/27/2008 ACCOUNT NO 2 RECEIPT 36 12,000.00 295,500.00 8/28/2008 ACCOUNT NO 2 PAYMENT 83 12,000.00 307,500.00 8/28/2008 ACCOUNT NO 2 RECEIPT 37 24,000.00 283,500.00 8/28/2008 ACCOUNT NO 2 RECEIPT 38 14,000.00 269,500.00 8/28/2008 ACCOUNT NO 2 -CB RECEIPT 39 16,000.00 253,500.00 8/29/2008 ACCOUNT NO 2 PAYMENT 84 12,000.00 265,500.00 8/29/2008 ACCOUNT NO 2 PAYMENT 85 42,000.00 307,500.00 8/29/2008 ACCOUNT NO 2 RECEIPT 40 12,000.00 295,500.00 8/30/2008 ACCOUNT NO 2 PAYMENT 86 12,000.00 307,500.00 8/30/2008 ACCOUNT NO 2 RECEIPT 41 20,000.00 287,500.00 8/30/2008 ACCOUNT NO 2 RECEIPT 42 13,000.00 274,500.00 8/30/2008 ACCOUNT NO 2 RECEIPT 43 15,000.00 259,500.00 9/1/2008 ACCOUNT NO 2 PAYMENT 87 12,000.00 271,500.00 9/1/2008 ACCOUNT NO 2 PAYMENT 88 12,000.00 283,500.00 9/2/2008 ACCOUNT NO 2 PAYMENT 89 12,000.00 295,500.00 9/3/2008 ACCOUNT NO 2 PAYMENT 90 12,000.00 307,500.00 9/3/2008 ACCOUNT NO 2 -CB RECEIPT 44 54,000.00 253,500.00 9/4/2008 ACCOUNT NO 2 PAYMENT 91 42,000.00 295,500.00 9/4/2008 ACCOUNT NO 2 PAYMENT 92 12,000.00 307,500.00 9/4/2008 ACCOUNT NO 1 RECEIPT 45 282,000.00 25,500.00 9/4/2008 ACCOUNT NO 2 -CB RECEIPT 46 15,000.00 10,500.00 9/5/2008 ACCOUNT NO 2 RECEIPT 47 600,000.00 589,500.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 11 9/5/2008 ACCOUNT NO 2 PAYMENT 94 12,000.00 577,500.00 9/5/2008 ACCOUNT NO 2 PAYMENT 95 36,000.00 541,500.00 9/5/2008 ACCOUNT NO 2 PAYMENT 96 12,000.00 529,500.00 9/5/2008 ACCOUNT NO 2 - CB PAYMENT 97 500,000.00 29,500.00 9/6/2008 ACCOUNT NO 2 PAYMENT 98 36,000.00 6,500.00 9/6/2008 ACCOUNT NO 2 PAYMENT 99 12,000.00 18,500.00 9/6/2008 ACCOUNT NO 2 - CB RECEIPT 48 25,000.00 6,500.00 9/8/2008 ACCOUNT NO 2 RECEIPT 49 20.00 6,520.00 9/8/2008 ACCOUNT NO 2 PAYMENT 100 12,000.00 5,480.00 9/8/2008 ACCOUNT NO 2 PAYMENT 101 12,000.00 17,480.00 9/10/2008 ACCOUNT NO 2 RECEIPT 50 15,000.00 2,480.00 9/10/2008 ACCOUNT NO 2 PAYMENT 103 12,000.00 14,480.00 9/11/2008 ACCOUNT NO 2 PAYMENT 104 12,000.00 26,480.00 9/11/2008 ACCOUNT NO 2 RECEIPT 51 40,000.00 13,520.00 9/12/2008 ACCOUNT NO 2 PAYMENT 106 12,000.00 1,520.00 9/12/2008 ACCOUNT NO 2 PAYMENT 107 36,000.00 34,480.00 9/12/2008 ACCOUNT NO 2 PAYMENT 108 12,000.00 46,480.00 9/12/2008 ACCOUNT NO 2 -CB RECEIPT 52 10,000.00 36,480.00 9/13/2008 ACCOUNT NO 2 RECEIPT 53 15,000.00 21,480.00 9/15/2008 ACCOUNT NO 2 RECEIPT 54 30,000.00 8,520.00 9/15/2008 ACCOUNT NO 2 PAYMENT 110 12,000.00 3,480.00 9/15/2008 ACCOUNT NO 2 PAYMENT 111 12,000.00 15,480.00 9/15/2008 ACCOUNT NO 2 PAYMENT 112 12,000.00 27,480.00 9/17/2008 ACCOUNT NO 2 RECEIPT 55 50,000.00 22,520 00 9/17/2008 ACCOUNT NO 2 PAYMENT 114 12,000.00 10,520.00 9/17/2008 ACCOUNT NO 2 PAYMENT 115 36,000.00 25,480 00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 12 9/18/2008 ACCOUNT NO 2 RECEIPT 56 42,000.00 16,520.00 9/18/2008 ACCOUNT NO 2 PAYMENT 117 42,000.00 25,480.00 9/18/2008 ACCOUNT NO 3 - CB RECEIPT 57 10,000.00 15,480.00 9/20/2008 ACCOUNT NO 2 PAYMENT 119 42,000.00 57,480.00 9/20/2008 ACCOUNT NO 2 RECEIPT 58 600,000.00 542,520.00 9/20/2008 ACCOUNT NO 2 -CB RECEIPT 59 50,000.00 592,520.00 9/20/2008 ACCOUNT NO 2 -CB PAYMENT 120 400,000.00 192,520.00 9/22/2008 ACCOUNT NO 2 PAYMENT 121 12,000.00 180,520.00 9/22/2008 ACCOUNT NO 2 PAYMENT 122 12,000.00 168,520.00 9/22/2008 ACCOUNT NO 2 -CB PAYMENT 123 125,000.00 43,520.00 9/23/2008 ACCOUNT NO 2 PAYMENT 124 12,000.00 31,520.00 9/26/2008 ACCOUNT NO 2 PAYMENT 125 42,000.00 10,480.00 10/1/2008 ACCOUNT NO 2 PAYMENT 126 36,000.00 46,480.00 10/1/2008 ACCOUNT NO 2 PAYMENT 127 36,000.00 82,480.00 10/1/2008 ACCOUNT NO 2 -CB RECEIPT 60 100,000.00 17,520.00 10/4/2008 ACCOUNT NO 2 PAYMENT 128 42,000.00 24,480.00 10/4/2008 ACCOUNT NO 3 PAYMENT 129 12,000.00 36,480.00 10/4/2008 ACCOUNT NO 3 PAYMENT 130 12,000.00 48,480.00 10/4/2008 ACCOUNT NO 3 PAYMENT 131 12,000.00 60,480.00 10/4/2008 ACCOUNT NO 3 PAYMENT 132 12,000.00 72,480.00 10/4/2008 ACCOUNT NO 3 PAYMENT 133 12,000.00 84,480.00 10/4/2008 ACCOUNT NO 3 PAYMENT 134 12,000.00 96,480.00 10/4/2008 ACCOUNT NO 3 PAYMENT 135 12,000.00 108,480.00 10/4/2008 ACCOUNT NO 3 PAYMENT 136 12,000.00 120,480.00 10/4/2008 ACCOUNT NO 2 -CB RECEIPT 61 7,000.00 113,480.00 10/4/2008 ACCOUNT NO 2 -CB RECEIPT 62 96,000.00 17,480.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 13 10/6/2008 ACCOUNT NO 3 RECEIPT 63 400,000.00 382,520.00 10/6/2008 ACCOUNT NO 3 PAYMENT 137 12,000.00 370,520.00 10/6/2008 ACCOUNT NO 3 PAYMENT 138 12,000.00 358,520.00 10/6/2008 ACCOUNT NO 3 PAYMENT 139 27,000.00 331,520.00 10/6/2008 ACCOUNT NO 3 PAYMENT 140 12,000.00 319,520.00 10/6/2008 ACCOUNT NO 3 PAYMENT 141 12,000.00 307,520.00 10/6/2008 ACCOUNT NO 3 PAYMENT 142 12,000.00 295,520.00 10/6/2008 ACCOUNT NO 3 RECEIPT 64 200,000.00 495,520.00 10/6/2008 ACCOUNT NO 3 - CB PAYMENT 145 300,000.00 195,520.00 10/6/2008 ACCOUNT NO 3 - CB PAYMENT 146 200,000.00 4,480.00 10/8/2008 ACCOUNT NO 3 PAYMENT 147 12,000.00 16,480.00 10/13/2008 ACCOUNT NO 2 - CB RECEIPT 65 50,000.00 33,520.00 10/13/2008 ACCOUNT NO 2 - CB RECEIPT 66 24,000.00 57,520.00 10/13/2008 ACCOUNT NO 3 - CB RECEIPT 67 50,000.00 107,520.00 10/13/2008 ACCOUNT NO 3 - CB RECEIPT 68 16,000.00 123,520.00 10/15/2008 ACCOUNT NO 2 PAYMENT 148 36,000.00 87,520.00 10/15/2008 ACCOUNT NO 3 PAYMENT 149 12,000.00 75,520.00 10/15/2008 ACCOUNT NO 3 PAYMENT 150 12,000.00 63,520.00 10/15/2008 ACCOUNT NO 3 PAYMENT 151 12,000.00 51,520.00 10/15/2008 ACCOUNT NO 3 PAYMENT 152 12,000.00 39,520.00 10/15/2008 ACCOUNT NO 3 PAYMENT 153 12,000.00 27,520.00 10/15/2008 ACCOUNT NO 3 PAYMENT 154 15,000.00 12,520.00 10/17/2008 ACCOUNT NO 2 - CB RECEIPT 69 24,000.00 36,520.00 10/17/2008 ACCOUNT NO 3 - CB RECEIPT 70 24,000.00 60,520.00 10/18/2008 ACCOUNT NO 2 PAYMENT 155 42,000.00 18,520.00 10/18/2008 ACCOUNT NO 3 PAYMENT 156 15,000.00 3,520.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 14 10/22/2008 ACCOUNT NO 2 - CB RECEIPT 71 25,000.00 28,520.00 10/23/2008 ACCOUNT NO 2 PAYMENT 157 36,000.00 7,480.00 11/3/2008 ACCOUNT NO 3 - CB RECEIPT 72 400,000.00 392,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 158 12,000.00 380,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 159 12,000.00 368,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 160 12,000.00 356,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 161 27,000.00 329,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 162 12,000.00 317,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 163 12,000.00 305,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 164 12,000.00 293,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 165 27,000.00 266,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 166 12,000,00 254,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 167 12,000.00 242,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 168 12,000.00 230,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 169 27,000.00 203,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 170 12,000.00 191,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 171 12,000.00 179,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 172 12,000.00 167,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 173 15,000.00 152,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 174 12,000.00 140,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 175 12,000.00 128,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 176 12,000.00 116,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 177 12,000.00 104,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 178 27,000.00 77,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 179 27,000.00 50,520.00 11/4/2008 ACCOUNT NO 3 PAYMENT 180 27,000.00 23,520.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 15 11/4/2008 ACCOUNT NO 3 PAYMENT 181 27,000.00 3,480.00 11/4/2008 ACCOUNT NO 3 PAYMENT 182 12,000.00 15,480.00 11/5/2008 ACCOUNT NO 2 RECEIPT 73 305,000.00 289,520.00 11/8/2008 ACCOUNT NO 2 PAYMENT 183 42,000.00 247,520.00 11/8/2008 ACCOUNT NO 2 PAYMENT 184 36,000.00 211,520.00 11/8/2008 ACCOUNT NO 2 PAYMENT 185 42,000.00 169,520.00 11/8/2008 ACCOUNT NO 2 PAYMENT 186 36,000.00 133,520.00 11/8/2008 ACCOUNT NO 2 PAYMENT 187 36,000.00 97,520.00 11/8/2008 ACCOUNT NO 2 PAYMENT 188 36,000.00 61,520.00 11/8/2008 ACCOUNT NO 2 PAYMENT 189 42,000.00 19,520.00 11/8/2008 ACCOUNT NO 2 PAYMENT 190 42,000.00 22,480.00 11/8/2008 ACCOUNT NO 3 RECEIPT 74 495,000.00 472,520.00 11/8/2008 ACCOUNT NO 3 - CB PAYMENT 192 182,578.00 289,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 193 27,000.00 262,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 194 15,000.00 247,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 195 15,000.00 232,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 196 15,000.00 217,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 197 12,000.00 205,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 198 12,000.00 193,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 199 12,000.00 181,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 200 12,000.00 169,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 201 12,000.00 157,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 202 12,000.00 145,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 203 12,000.00 133,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 204 12,000.00 121,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 205 12,000.00 109,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 206 12,000.00 97,942.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 16 11/14/2008 ACCOUNT NO 3 PAYMENT 207 12,000.00 85,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 208 27,000.00 58,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 209 27,000.00 31,942.00 11/14/2008 ACCOUNT NO 3 PAYMENT 210 27,000.00 4,942.00 11/15/2008 ACCOUNT NO 3 PAYMENT 211 27,000.00 22,058.00 1/6/2009 ACCOUNT NO 3 RECEIPT 76 660,000.00 637,942.00 1/6/2009 ACCOUNT NO 3 PAYMENT 212 660,000.00 22,058.00 1/6/2009 ACCOUNT NO 3 RECEIPT 77 600,000.00 577,942.00 1/6/2009 ACCOUNT NO 3 PAYMENT 213 600,000.00 22,058.00 1/20/2009 ACCOUNT NO 3 PAYMENT 215 48,000.00 70,058.00 1/20/2009 ACCOUNT NO 3 PAYMENT 216 96,000.00 166,058.00 1/20/2009 ACCOUNT NO 3 - CB RECEIPT 78 150,000.00 16,058.00 1/22/2009 ACCOUNT NO 1 PAYMENT 217 3,500.00 19,558.00 1/23/2009 ACCOUNT NO 1 PAYMENT 218 3,500.00 23,058.00 1/24/2009 ACCOUNT NO 1 PAYMENT 219 3,500.00 26,558.00 1/27/2009 ACCOUNT NO 1 PAYMENT 220 3,500.00 30,058.00 1/28/2009 ACCOUNT NO 1 PAYMENT 221 7,000.00 37,058.00 1/29/2009 ACCOUNT NO 1 PAYMENT 222 3,500.00 40,558.00 1/30/2009 ACCOUNT NO 1 PAYMENT 223 3,500.00 44,058.00 1/31/2009 ACCOUNT NO 1 PAYMENT 224 3,500.00 47,558.00 2/2/2009 ACCOUNT NO 1 PAYMENT 225 3,500.00 51,058.00 2/3/2009 ACCOUNT NO 1 PAYMENT 226 3,500.00 54,558.00 2/4/2009 ACCOUNT NO 1 PAYMENT 227 3,500,00 58,058.00 2/5/2009 ACCOUNT NO 1 PAYMENT 228 3,500.00 61,558.00 2/6/2009 ACCOUNT NO 1 PAYMENT 229 3,500.00 65,058.00 2/7/2009 ACCOUNT NO 1 PAYMENT 230 3,500.00 68,558.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 17 2/10/2009 ACCOUNT NO 1 PAYMENT 231 3,500.00 72,058.00 2/11/2009 ACCOUNT NO 1 PAYMENT 232 7,000.00 79,058.00 2/12/2009 ACCOUNT NO 1 PAYMENT 233 3,500.00 82,558.00 2/13/2009 ACCOUNT NO 1 PAYMENT 234 3,500.00 86,058.00 2/14/2009 ACCOUNT NO 1 RECEIPT 80 1,152,000.00 1,065,942.00 2/14/2009 ACCOUNT NO 1 PAYMENT 235 3,500.00 1,062,442.00 2/16/2009 ACCOUNT NO 1 PAYMENT 236 3,500.00 1,058,942.00 2/17/2009 ACCOUNT NO 1 PAYMENT 237 3,500.00 1,055,442.00 2/18/2009 ACCOUNT NO 1 PAYMENT 238 3,500.00 1,051,942.00 2/19/2009 ACCOUNT NO 1 PAYMENT 239 10,500.00 1,041,442.00 2/20/2009 ACCOUNT NO 1 PAYMENT 240 10,500.00 1,030,942.00 2/21/2009 ACCOUNT NO 1 PAYMENT 241 10,500.00 1,020,442.00 2/23/2009 ACCOUNT NO 1 PAYMENT 242 10,500.00 1,009,942.00 2/24/2009 ACCOUNT NO 1 PAYMENT 243 10,500.00 999,442.00 2/25/2009 ACCOUNT NO 3 RECEIPT 81 45,000.00 1,044,442.00 2/25/2009 ACCOUNT NO 1 PAYMENT 245 10,500.00 1,033,942.00 2/26/2009 ACCOUNT NO 1 PAYMENT 246 10,500.00 1,023,442.00 2/27/2009 ACCOUNT NO 1 PAYMENT 247 10,500.00 1,012,942.00 2/28/2009 ACCOUNT NO 1 PAYMENT 248 10,500.00 1,002,442.00 2/28/2009 ACCOUNT NO 3 - CB PAYMENT 249 40,000.00 962,442.00 3/2/2009 ACCOUNT NO 1 PAYMENT 250 10,500.00 951,942.00 3/3/2009 ACCOUNT NO 1 PAYMENT 251 10,500.00 941,442.00 3/4/2009 ACCOUNT NO 1 PAYMENT 252 10,500.00 930,942.00 _ _3/5/2009 ACCOUNT NO 1 PAYMENT 253 10,500.00 920,442.00 3/6/2009 ACCOUNT NO 3 RECEIPT 82 50,000.00 970,442.00 3/6/2009 ACCOUNT NO 1 PAYMENT 255 10,500.00 959,942.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 18 3/6/2009 ACCOUNT NO 3 - CB PAYMENT 256 50,000.00 909,942.00 3/7/2009 ACCOUNT NO 1 PAYMENT 257 10,500.00 899,442.00 3/9/2009 ACCOUNT NO 1 PAYMENT 258 10,500.00 888,942.00 3/10/2009 ACCOUNT NO 1 PAYMENT 259 10,500.00 878,442.00 3/12/2009 ACCOUNT NO 1 PAYMENT 260 10,500.00 867,942.00 3/13/2009 ACCOUNT NO 1 PAYMENT 261 21,000.00 846,942.00 3/14/2009 ACCOUNT NO 1 PAYMENT 262 10,500.00 836,442.00 3/16/2009 ACCOUNT NO 1 PAYMENT 263 10,500.00 825,942.00 3/16/2009 ACCOUNT NO 1 RECEIPT 83 1,340,028.00 3/17/2009 ACCOUNT NO 1 PAYMENT 264 10,500.00 1,329,528.00 3/18/2009 ACCOUNT NO 1 PAYMENT 265 10,500.00 1,319,028.00 3/19/2009 ACCOUNT NO 1 PAYMENT 266 10,500.00 1,308,528.00 3/20/2009 ACCOUNT NO 1 PAYMENT 267 10,500.00 1,298,028.00 3/21/2009 ACCOUNT NO 1 PAYMENT 268 10,500.00 1,287,528.00 3/23/2009 ACCOUNT NO 3 RECEIPT 84 300,000.00 1,587,528.00 3/23/2009 ACCOUNT NO 1 PAYMENT 270 10,500.00 1,577,028.00 3/23/2009 ACCOUNT NO 3 - CB PAYMENT 271 300,000.00 1,277,028.00 3/24/2009 ACCOUNT NO 1 PAYMENT 272 14,000.00 1,263,028.00 3/25/2009 ACCOUNT NO 3 RECEIPT 85 214,086.00 1,477,114.00 3/25/2009 ACCOUNT NO 1 PAYMENT 273 14,000.00 1,463,114.00 3/25/2009 ACCOUNT NO 3 - CB PAYMENT 274 20,000.00 1,443,114.00 3/26/2009 ACCOUNT NO 1 PAYMENT 275 14,000.00 1,429,114.00 3/27/2009 ACCOUNT NO 3 PAYMENT 276 27,000.00 1,402,114.00 3/27/2009 ACCOUNT NO 3 PAYMENT 277 27,000.00 1,375,114.00 3/27/2009 ACCOUNT NO 1 PAYMENT 278 14,000.00 1,361,114.00 3/27/2009 ACCOUNT NO 3 - CB PAYMENT 279 50,000.00 1,311,114.00 ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 19 3/28/2009 ACCOUNT NO 3 PAYMENT 280 27,000.00 1,284,114.00 3/28/2009 ACCOUNT NO 1 PAYMENT 281 14,000.00 1,270,114.00 3/30/2009 ACCOUNT NO 3 PAYMENT 282 27,000.00 1,243,114.00 3/30/2009 ACCOUNT NO 3 PAYMENT 283 27,000.00 1,216,114.00 3/30/2009 ACCOUNT NO 1 PAYMENT 284 14,000.00 1,202,114.00 3/31/2009 ACCOUNT NO 1 PAYMENT 285 14,000.00 1,188,114.00 AS PER THIS COMBINED ACCOUNT THE PEAK CREDIT BALANCE COMES TO RS. 15,87,528/-. THEREFORE, I AM OF THE CONSIDERED VIEW THAT THE MAX IMUM ADDITION ON ACCOUNT OF ALL THE THREE ACCOUNTS SHOULD HAVE BEEN THE PEAK CREDITS OF ALL THESE ACCOUNTS AND IT COMES TO RS. 15,87,528/- AND AS SUCH THE ADDITION MADE BY THE AO IS RESTRICTED TO RS. 15,87,528/- AGAINST RS. 1,13,05,249/- MADE BY THE AO. HENCE, THE ASSESSEE APPELLANT GETS A RELIEF OF RS.97,17,721/- AND THE BALANCE ADDITION OF RS.15,87,5 28/- IS CONFIRMED. AS SUCH, THESE GROUNDS OF APPEAL ARE PARTLY ALLOWED. 6. AGGRIEVED BOTH THE PARTIES ARE IN APPEAL BEFORE US. 7. AT THE OUTSET, THE LEARNED DR INVITED OUR ATTENT ION TO THE ASSESSMENT ORDER AND SUBMITTED THAT THE LOAN CREDIT OR. MR. ARUN KUMAR HAD NOT APPEARED BEFORE ASSESSING OFFICE R NEITHER ANY CONFIRMATION OR COPY OF RETURN WAS FILED BEFORE ASSESSING OFFICER. INVITING OUR ATTENTION TO LEARNED CIT(A)S ORDER, THE LEARNED DR SUBMITTED THAT LEARNED CIT(A) HAS WRONGL Y CONSIDERED THE ENTRIES OF LOAN CREDITOR AS RELATING TO ASSESSEE AND WITHOUT EXAMINING SUCH LOAN CREDITOR HAS ACCEPT ED THE ARGUMENT OF THE ASSESSEE AND HAS ALLOWED SUBSTANTI AL RELIEF TO ASSESSEE BY TREATING THE TRANSACTIONS IN THE ACCOUN T OF LOAN CREDITOR AS EXPLANATION FOR DEPOSITS IN BANK ACCOUN T OF ASSESSEE. THE LEARNED DR SUBMITTED THAT LEARNED CIT (A) HAS GIVEN RELIEF TO ASSESSEE EVEN WITHOUT EXAMINATION O F SH. ARUN ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 20 KUMAR, THEREFORE, ARGUED THAT THE LEARNED CIT(A)S FINDINGS ARE NOT BASED UPON THE FACTS. 8. AS REGARDS THE SECOND GROUND OF APPEAL, THE LEAR NED DR RELIED UPON THE ORDER OF ASSESSING OFFICER. 9. THE LEARNED AR IN HIS REPLY SUBMITTED THAT DETAI LED BREAK UP OF DEPOSITS AND WITHDRAWALS FROM THE BANK ACCOUN TS OF ASSESSEE AND SH. ARUN KUMAR WERE FILED WITH LEARNED CIT(A) AND LEARNED CIT(A) ON THE BASIS OF EXAMINATION OF S UCH ACCOUNTS HAS RIGHTLY ALLOWED THE RELIEF. 10. WE HAVE HEARD BOTH THE PARTIES AND HAVE GONE TH ROUGH THE MATERIAL PLACED ON RECORD. 11. AS REGARDS GROUND NO.1(I) IN APPEAL FIELD BY RE VENUE, WE FIND THAT THE ASSESSEE HAD MADE HUGE DEPOSITS IN HI S SAVING BANK AND CURRENT ACCOUNT AND HAD NOT DECLARED THE S AME IN HIS BOOKS OF ACCOUNT. BEFORE ASSESSING OFFICER, THE ASSESSEE HAD FAILED TO PROVE SOURCE OF DEPOSITS, HOWEVER BEF ORE LEARNED CIT(A) THE ASSESSEE EXPLAINED THE DEPOSITS AND WITH DRAWALS IN HIS BANK ACCOUNTS TO BE RELATED TO ENTRIES IN BANK ACCOUNT OF LOAN CREDITOR SH. ARUN KUMAR WHO HAD NOT APPEARED B EFORE ASSESSING OFFICER NOR ANY CONFIRMATION WAS FILED BY HIM REGARDING ANY RELATION OF HIS ENTRIES IN THE BANK A CCOUNT WITH THAT OF ASSESSEE. THE LEARNED CIT(A) WITHOUT CONFIR MING THE ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 21 AUTHENTICITY OF SUCH ENTRIES ALLOWED RELIEF TO THE ASSESSEE BY CLUBBING THE ENTRIES IN BANK ACCOUNT OF SH. ARUN K UMAR AND THE ASSESSEE. THE LEANED CIT(A) HAS FAILED TO VERIF Y THE TRANSACTIONS FROM SH. ARUN KUMAR WHO HAD IN FACT TU RNED HOSTILE AND DID NOT COME BEFORE ASSESSING OFFICER N EITHER DURING ASSESSMENT PROCEEDINGS NOR DURING REMAND PROCEEDINGS. THEREFORE, WE SET ASIDE GROUND NO.1 TO THE OFFICE OF ASSESSING OFFICER WHO ON THE BASIS OF PROPER VER IFICATION AND AFTER EXAMINATION OF SH. ARUN KUMAR WILL MAKE THE A DDITION IF ANY AS PER LAW. THEREFORE, GROUND NO.1(I) OF REVENU ES APPEAL IS ALLOWED FOR STATISTICAL PURPOSES. 12. AS REGARDS GROUND NO.1(II), WE FIND THAT THE ASSESSEE HAD AT HIS OWN HAD MADE DISALLOWANCE OF RS.6 LACS O UT OF TOTAL INTEREST PAYMENT. THE LEARNED CIT(A) HAS MADE A FIN DING OF FACT THAT NO LOAN WAS RAISED DURING THE YEAR ON ACC OUNT OF AMOUNT DEBITED IN CAPITAL ACCOUNT AND INTEREST WAS PAID ON THE OPENING BALANCE AND THEREFORE, HE HAS RIGHTLY R ESTRICTED THE INTEREST CHARGEABLE ON OPENING CAPITAL BALANCE. WE DO NOT FIND ANY INFIRMITY IN THE FINDINGS OF LEARNED CIT(A ), THEREFORE, GROUND NO.1(II) OF THE REVENUES APPEAL IS DISMISSE D. 13. AS REGARDS THE CROSS OBJECTION FILED BY THE ASS ESSEE, THE LEARNED AR SUBMITTED THAT THE ADDITION CONFIRMED BY THE ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 22 LEARNED CIT(A) ON ACCOUNT OF LOAN FROM LOAN CREDITO R SH. ARUN KUMAR WAS MADE WITHOUT EXAMINING SUCH LOAN CREDITOR AND THEREFORE, ADDITION CONFIRMED BY LEARNED CIT(A) WIT HOUT PROVIDING OPPORTUNITY TO CROSS EXAMINE SUCH LOAN CR EDITOR WAS NOT JUSTIFED. 14. THE LEARNED DR, ON THE OTHER HAND HEAVILY PLACE D HIS RELIANCE ON THE ORDER OF AUTHORITIES BELOW. 15. WE FIND THAT THE ASSESSING OFFICER IN ASSESSME NT PROCEEDINGS REQUIRED THE ASSESSEE TO PROVE GENUINEN ESS OF CREDITWORTHINESS OF THE LOAN CREDITOR WHICH THE ASS ESSEE MISERABLY FAILED DESPITE A NUMBER OF OPPORTUNITIES. HOWEVER SINCE THE LOAN CREDITOR WAS NOT EXAMINED AND PROPER OPPORTUNITY TO ASSESSEE TO CROSS EXAMINE THE LOAN C REDITOR WAS NOT PROVIDED, THEREFORE, WE REMIT THE CROSS OBJECTI ONS TAKEN BY ASSESSEE TO THE OFFICE OF ASSESSING OFFICER WHO SHO ULD MAKE THE ADDITION IF ANY AFTER EXAMINING THE LOAN CREDIT OR AND AFTER PROVIDING AN OPPORTUNITY TO THE ASSESSEE TO CROSS E XAMINE THE LOAN CREDITOR. IN VIEW OF THE ABOVE, THE CROSS OBJE CTIONS FILED BY THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSE S. ITA NO.457 & C.O.NO .40 (ASR)/2014 ASST. YEAR: 2009-1 0 23 16. IN VIEW OF THE ABOVE, THE APPEAL FILED BY REVEN UE IS PARTLY ALLOWED FOR STATISTICAL PURPOSES AND IS PARTLY DISM ISSED. WHEREAS THE CROSS OBJECTIONS FILED BY THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 26 TH FEBRUARY, 2016. SD/- SD/- (A.D. JAIN) (T. S. KAPOOR) JUDICIAL MEMBER ACCOUNTANT ME MBER DATED:26.02.2016 /PK/PS. COPY OF THE ORDER FORWARDED TO: (1) THE ASSESSEE: (2) THE (3) THE CIT(A), (4) THE CIT, (5) THE SR DR, I.T.A.T., TRUE COPY BY ORDER (ASSISTANT REGISTRAR) INCOME TAX APPELLATE TRIBUNAL, AMRITSAR BENCH: AMRITSAR.