Shri Paresh Pranlal Thaker, Anand V. The Dy.CIT, Anand Circle, Anand

ITA 1245/AHD/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 5919 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-05-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 25-04-2017
• Assessment Year: 2010-2011
• Appeal Filed On: 28-04-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Unexplained cash credit; Salary income; Source of fund
• Section: 68; 143(3); 142(1)

Judgement Text

, C IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, AHMEDABAD BEFORE SHRI MAHAVIR PRASAD, JM, AND SHRI MANISH BORAD, AM ./ITA.NO.1245/AHD/2014 ( / ASSTT YEAR :2010-11) SHRI PARESH PRANLAL THAKER, C/O. BUILDQUICK CONSTRUCTION CO., 504, SANKALP 5 TH FLOOR, SARDAR GUNJ ROAD, ANAND- 388001 VS. DCIT, ANAND CIRCLE, ANAND (APPELLANT) (RESPONDENT) / APPELLANT BY: SMT. ARTI N. SHAH, A.R. / RESPONDENT BY: SHRI PRASOON KABRA, SR. D.R / DATE OF HEARING 25-04-2017 /DATE OF PRONOUNCEMENT 01 -05-2017 / O R D E R PER MANISH BORAD, ACCOUNTANT MEMBER THIS APPEAL OF ASSESSEE FOR ASSESSMENT YEAR 2010- 11 IS DIRECTED AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX(APPEALS)-II , BARODA DATED 28/02/2014 ARISING OUT THE ORDER UNDER SECTION 143( 3) OF THE INCOME TAX ACT (HEREINAFTER REFER TO THE ACT) FRAMED BY THE DCIT, ANAND CIRCLE, ANAND ON 13.12.2012. THE ASSESSEE HAS RAISED FOLLOWING GROUN DS OF APPEAL:- 1. THE COMMISSIONER OF INCOME TAX (APPEALS)-II, BARODA HAS ERRED IN CONFIR MING THE ADDITION OF RS. 2,50,000/- MADE BY THE ASSESSING OFFICER IN RESPECT OF LOAN RECEIVED FROM ADITYA P. THAKER THOUGH THE DETAILS REGARDING THE SOURCES, PAN NO. ETC . HAVE BEEN PRODUCED BEFORE THE ASSESSING OFFICER. ITA.NO.1245/AHD/2014 ASSESSMENT YEAR 2010-11 - 2 2. THE COMMISSIONER OF INCOME TAX (APPEALS)-II, BARODA HAS ERRED IN CONFIR MING THE ADDITION OF RS. 2,00,000/- MADE BY THE ASSESSING OFFICER IN RESPECT OF LOAN RECEIVED FROM RAMABEN P. THAKER THOUGH THE DETAILS REGARDING THE SOURCES, PAN NO. E TC. HAVE BEEN PRODUCED BEFORE THE ASSESSING OFFICER. 3. THE COMMISSIONER OF INCOME TAX (APPEALS)-II, BARODA HAS ERRED IN CONFIR MING THE ADDITIONS OF RS.1,70,000/- AND RS. 2,75,000/- MADE BY THE ASSESSING OFFICER IN R ESPECT OF LOAN RECEIVED FROM SHUSMA P. THAKER THOUGH THE DETAILS REGARDING THE SOURCE S, PAN NO. ETC. HAVE BEEN PRODUCED BEFORE THE ASSESSING OFFICER. 4. THE COMMISSIONER OF INCOME TAX (APPEALS)-II, BARODA HAS ERRED IN CONFIR MING THE DISALLOWANCE OF TDS OF RS.30,417/- ON INTEREST INCOME OF RS.2,95,144/- ADDED T O THE TOTAL INCOME. 5. YOUR APPELLANT RESERVES THE RIGHT TO ADD, ALTER, AMEND AND/OR WITHDRAW ANY OF THE ABOVE GROUNDS OF APPEAL. 2. BRIEFLY STATED FACTS AS CALLED OUT FROM THE AVAI LABLE RECORDS ARE THE ASSESSEE IS AN INDIVIDUAL EARNING INCOME FROM SALAR Y, INCOME OF HOUSE PROPERTY AND INCOME FROM OTHER SOURCES. THE RETURN OF INCOME DECLARING TOTAL INCOME AT RS. 21,97,010/- WAS FILED ON 24/01/2011. CASE SELECTED FOR SCRUTINY ASSESSMENT. NOTICE U/S. 143(2) OF THE ACT FOLLOWED BY 142(1) OF THE ACT ISSUED AND DULY SERVED UPON THE ASSESSEE ALONG WITH QUESTIONNAIRE CALLING NECESSARY INFORMATION. IN RESPONSE TO THE SAME LEAR NED COUNSEL OF THE ASSESSEE ATTENDED AND FILED NECESSARY DETAILS AS CA LLED FOR IN COURSE OF ASSESSMENT PROCEEDINGS. ASSESSMENT WAS COMPLETED, A SSESSING INCOME AT RS. 34,14,710/- WHICH INTER-ALIA INCLUDED ADDITION ON A CCOUNT OF UNEXPLAINED BANK CREDITS/DEPOSITS U/S. 68 OF THE ACT OF RS. 8,9 5,000/- AND ALSO CREDIT OF TAX DEDUCTED AT SOURCE OF RS. 30,417/- WAS NOT ALLO WED ON THE INTEREST INCOME OF RS. 2,95,144/- WHICH WAS NOT DISCLOSED BY THE AS SESSEE IN RETURN OF INCOME. 3. AGGRIEVED ASSESSEE WENT IN APPEAL BEFORE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) BUT COULD NOT SUCCEED. 4. AGGRIEVED ASSESSEE IS NOW IN APPEAL BEFORE THE TRIBUNAL RAISING FIVE GROUNDS, RELATING TO TWO ISSUES. (1) AGAINST ADDITI ON CONFIRMED BY LEARNED COMMISSIONER OF INCOME TAX(APPEALS) FOR UNEXPLAINED CASH CREDIT OF RS. 8,95,000/- U/S. 68 OF THE ACT. (2) CREDIT FOR TAX DEDUCTED AT SOURCE OF RS. ITA.NO.1245/AHD/2014 ASSESSMENT YEAR 2010-11 - 3 30,417/- NOT ALLOWED EVEN WHEN THE UNDISCLOSED INTE REST INCOME OF RS. 2,95,144/- BEING ADDED TO THE TOTAL INCOME. 5. WE WILL FIRST TAKE UP THE ISSUE OF UNEXPLAINED C ASH CREDIT U/S. 68 OF THE ACT AT RS. 8,95000/-. BRIEF FACT RELATING TO THIS I SSUE ARE THAT DURING THE YEAR UNDER APPEAL ASSESSEE RECEIVED FOLLOWING UNSECURED LOANS FROM HIS RELATIVES:- 6. LEARNED ASSESSING OFFICER WAS SATISFIED WITH THE IDENTITY AND GENUINENESS OF THE UNSECURED LOANS RECEIVED THROUGH BANKING CHANNEL FROM THE ABOVE SAID THREE RELATIVES BUT HE WAS NOT SATIS FIED ABOUT CREDITWORTHINESS OF THE THREE CASH CREDITORS AS THEY WERE NOT FILING RETURN OF INCOME AND HAVING NO REGULAR SOURCE OF EARNINGS. THIS ACTION OF LEARN ED ASSESSING OFFICER WAS CONFIRMED BY THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS). 7. DURING THE COURSE OF HEARING BEFORE THE TRIBUNAL LEARNED COUNSEL REFERRING TO PAPER BOOK SUBMITTING THAT THE UNSECUR ED LOAN OF RS. 8,95,000/- RECEIVED FROM THREE RELATIVES WAS THROUGH PROPER BA NKING CHANNEL AND THERE WAS NO CASH DEPOSIT IN THE BANK ACCOUNT. THE SOURCE OF THE FUNDS IN THE BANK ACCOUNTS OF ALLEGED CASH CREDITORS WAS FROM SALE OF EQUITY SHARES/MUTUAL FUNDS DURING THE YEAR AND OUT OF THE SALE CONSIDERA TION, THE ABOVE SAID THREE CASH CREDITORS GAVE LOANS TO THE ASSESSEE. LEARNED COUNSEL FURTHER REFERRED TO THE SUBMISSIONS MADE BEFORE THE LOWER AUTHORITIES W HICH WE FIND NECESSARY TO REPRODUCE BELOW:- 3.2. SUBMISSION DURING APPELLATE PROCEEDINGS: 3.2.1. IN APPEAL THE LEARNED AUTHORIZED REP RESENTATIVE SUBMITTED THAT- SL NO. PARTICULAR RS. 1. ADITYA P. THAKER (SON) 2,50,000/- 2. RAMABEN P. THAKER (MOTHER) 2,00,000/- 3. SUSHMABEN THAKER (WIFE) 1,70,000/- 4. SUSHMABEN THAKER (WIFE) 2,75,000/- TOTAL RS. 8,95,000/- ITA.NO.1245/AHD/2014 ASSESSMENT YEAR 2010-11 - 4 'WE RECEIVED NOTICE DATED 28/01/2014 FOR HEARING OF AP PEAL. FURTHER TO OUR SUBMISSION AND EXPLANATION WE SUBMIT AS UNDER. 1. THE PROOFS AND EVIDENCE ABOUT AMOUNT OF DEPOSIT TA KEN FROM FAMILY MEMBERS WAS FURNISHED. FURTHER TO IT THE EXPLANATION A RE AS UNDER. (A) ADITYA P.THAKER. RS.2,50,000 IT IS RECEIVED OUT OF SALE PROCEEDS OF SHARES OF RS.2,86,2 88. THE DETAILS AS AVAILABLE WITH US ABOUT SHARE INVESTMENT ARE AS UNDER. DATE OF INVESTMENT A/M OF INVESTMENT (RS.) BANK ACCOUNT 0.11.2008 146681 CHARGES 183 NET 146681 ICICI BANK A/C NO. 13369 (B) RAMABENP. THAKER RS.2,00,000/- IT IS RECEIVED OUT OF MATURITY OF MUTUAL FUND OF RS.2,46 ,135/-. THE DETAILS AS AVAILABLE WITH US ABOUT ORIGINAL INVESTMENT OF MUTUAL FUND IS AS UNDER. SR. NO. DATE OF SALE MUTUAL FUND RS. DATE OF INVESTMENT RS. SOURCE 1 27/05/2009 D.S.P.BLACK 42.134 09/03/2007 45.000 IDBI BANK A/C NO. 62587 2 27/05/2009 D.S.P. BLACK M.L 47.846 09/03/2007 45.000 IDBI BANK A/C NO. 62587 3 27/05/2009 HDFC EQUITY FUND 46.512 26/09/2005 45.000 CITI BANK A/C NO. 269 4 27/05/2009 RELIANCE EQU 53.326 07/03/2006 45.000 ICICI BANK A/C NO. 6468 ITA.NO.1245/AHD/2014 ASSESSMENT YEAR 2010-11 - 5 5 27/05/2009 BIRLA TOP- 100 EQUITY FUND 56.317 28/09/2005 45.000 CITI BANK A/C NO. 269 TOTAL 246.135 225.00 0 SMT.SHUSHMABEN P. THAKER RS.4,45,000/- (I) THE INVESTMENT IS MADE OUT BY BANK ACCOUNT NAMELY ICICI BANK V.V. NAGARA/C NO. 9989 AND CITY BANK. THE DETAILS ARE AS UN DER. SR. NO. DATE OF SALE MUTUAL FUND RS. DATE OF INVESTMENT RS. SOURCE 1 14/07/2009 HSBC 51,250 28/01/2006 45,000 V A/C_NO.9989_ _ 2 24/07/2009 BIRLA MUTUAL FUND 59 F 440 07/03/2006 45,000 A/C NO. 9989 3 24/07/2009 RELIANCE MUTUAL FUND 60,218 07/03/2006 45,000 A/C NO. 9989 4 24/07/2009 RELIANCE MUTUAL FUND 60,218 13/07/2007 49,000 A/C NO. 9989 5 05/10/2009 KOTAK BANK 47,972 45,000 TOTAL 279098 229,000 CITI BANK V.V. NAA.GR SR. NO. DATE OF SALE MUTUAL FUND RS. DATE OF INVESTMENT RS. SOURCE 1 27/05/2009 BLACKROCK MUTUAL FUND 36,805 2 27/05/2009 SMALL CAP MUTUAL FUND 60,861 18/10/2006 65,000 A/C NO. 262 3 27/05/2009 HDFC INVT. 52,276 26/09/2005 45,000 A/C NO. 262 ITA.NO.1245/AHD/2014 ASSESSMENT YEAR 2010-11 - 6 4 27/05/2009 RELIANCE FUND 35,551 07/03/2006 45,000 ICICI BANK A/C NO. 9989 TOTAL 185493 155,000 WE HAVE FURNISHED THE SOURCE OF DEPOSIT MA DE BY MY FAMILY MEMBERS. IN ORDER TO EXPLAIN THE DEPOSIT WE FURTHER SUBMIT SOURCE OF DEPOSIT MADE BY THEM FOR JUSTICE. IT IS REQUESTED YOUR HONOUR TO APPRECIATE FACTS PROOF S AND EVIDENCES PRODUCED AND FOLLOW THE JUDICIAL PRECEDENTS LAID BY GUJA RAT HIGH COURT AND DELETE ENTIRE ADDITION MADE AS WELL AS ALLOW CREDIT THE TDS O N INTEREST IN THE APPEAL AND OBLIGE.' 3.2.2. IT WAS FURTHER STATED BY THE AUTHORIZED REPRESENTATIVE VIDE LETTER DATED 28.02.2014 THAT:- 'FURTHER TO OUR EARLIER SUBMISSION AND EXPLANATIO N WE SUBMIT AS UNDER. (A) ADITVA P.THAKER RS.2,50,000 A STATEMENT SHOWING COMPLETE DETAILS ABOUT PURCHASE & SALE OF SHARES IS ENCLOSED THROUGH ICICI BANK A/C NO. 13369. (B) RAMABEN P.THAKER RS.200000 A STATEMENT SHOWING COMPLETE DETAILS ABOUT PURCHASE & SALE OF MUTUAL FUND IS ENCLOSED, THROUGH I.D.B.I BANK A/C NO. 62587. I. C.I.C.I BANK A/C NO. 6468 AND CITI BANK A/C NO. 4151-269. (C) 5MF. SHUSHMABEN P.THAKER RS.4,45,000/- . A STATEMENT SHOWING COMPLETE DETAILS ABOUT PURCHASE & SALE OF MUTUAL FUND IS ENCLOSED, THROUGH I.C.I.C.I BANK A/C NO. 9989 A ND CITI BANK A/C NO. 262.' 8. ON THE OTHER HAND LEARNED DEPARTMENTAL REPRESENT ATIVE VEHEMENTLY ARGUED SUPPORTING THE ORDER LOWER AUTHORITIES AND F URTHER GAVE ADDED THAT ALL THE THREE CASH CREDITORS ARE NOT HAVING ANY REGULAR SOURCE OF INCOME AND THEY ARE NOT FILING RETURN OF INCOME. FURTHER IT IS ALSO NOT PROVED THAT FROM WHICH SOURCE THE THREE CASH CREDITORS INVESTED INTO THE E QUITY SHARES/MUTUAL FUNDS. ITA.NO.1245/AHD/2014 ASSESSMENT YEAR 2010-11 - 7 9. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE RECORDS PLACED BEFORE US. ISSUE RAISED IN GROUND NUMBERS 1,2 & 3 O F THIS APPEAL BY THE ASSESSEE, RELATES TO ADDITION CONFIRMED BY THE LEAR NED COMMISSIONER OF INCOME TAX(APPEALS) MADE BY THE LEARNED ASSESSING O FFICER UNDER SECTION 68 OF THE ACT BY TREATING UNSECURED LOAN OF RS. 8,9 5,000/- RECEIVED FROM FOLLOWING RELATIVES OF THE ASSESSEE AS UNEXPLAINED CASH CREDIT U/S. 68OF ACT :- 10. UNSECURED LOANS TOTALING TO RS. 8,95,000/- HAS BEEN RECEIVED FROM THE RELATIVES OF THE ASSESSEE BY ACCOUNT PAYEE CHEQ UES. IDENTITY AND GENUINENESS OF THE ABOVE THREE CASH CREDITORS IS NO T DISPUTED BY THE ASSESSING AUTHORITY. THE BASIC REASON FOR TREATING THE UNSECURED LOANS OF RS. 8,95,000/- AS UNEXPLAINED WAS DUE TO NON SATISFACTI ON OF THE ASSESSING OFFICER ABOUT THE CREDITWORTHINESS OF THE ALLEGED T HREE CASH CREDITORS. LEARNED ASSESSING OFFICER MAIN EMPHASIS FOR TREATIN G THEM AS UNEXPLAINED WAS FOR THE REASON THAT ALL THE THREE CASH CREDITOR S WERE NOT FILLING INCOME TAX RETURN AND THERE WAS NO REGULAR SOURCE OF INCOME WH ICH CREATED DOUBT IN HIS MIND. LEARNED ASSESSING OFFICER OBSERVED THAT THESE THREE CASH CREDITORS LACK CREDITWORTHINESS WHICH IS NECESSARY TO TREAT THE UN SECURED LOAN AS EXPLAINED AND GENUINE. 11. FROM PERUSAL OF THE RECORDS AND THE DETAILED SU BMISSION MADE BY THE LEARNED COUNSEL FOR THE ASSESSEE, WE OBSERVE THAT S INCE THE COMMENCEMENT SL NO. PARTICULAR RS. 1. ADITYA P. THAKER (SON) 2,50,000/- 2. RAMABEN P. THAKER (MOTHER) 2,00,000/- 3. SUSHMABEN THAKER (WIFE) 1,70,000/- 4. SUSHMABEN THAKER (WIFE) 2,75,000/- RS . 8,95000/- ITA.NO.1245/AHD/2014 ASSESSMENT YEAR 2010-11 - 8 ASSESSMENT PROCEEDINGS, FIRM STAND HAS BEEN TAKEN B Y THE ASSESSEE AND THE AUTHORIZED REPRESENTATIVE THAT THERE WAS A VALID SO URCE OF FUNDS IN THE HANDS OF ALL THE THREE CASH CREDITORS AND IT ARISE FROM S ELLING THE EQUITY SHARE/ UNITS OF MUTUAL FUNDS HELD BY ALL THE THREE CASH CREDITOR S. IT IS FURTHER NOT DISPUTED THAT THEY WAS ANY CASH DEPOSIT IN THE BANK ACCOUN T OF THREE CASH CREDITORS JUST BEFORE ISSUING CHEQUES TO THE ASSESSEE. WE WIL L EXAMINE EACH CASH CREDITORS ONE BY ONE:- (I) ADITYA P. THAKER :- HE IS SON OF THE ASSESSEE AND EARNING REGULAR INCOME FROM SALARY AS A DIRECTOR OF BUILDQUICK INFR ASTRUCTURE PVT. LTD. HE SOLD EQUITY SHARES FOR CONSIDERATION OF RS. 2,41,59 3/- THROUGH ICICI DIRECT.COM. THERE IS NO CASH DEPOSIT IN THE ICICI B ANK ACCOUNT BEFORE THE ISSUE OF CHEQUE TO THE ASSESSEE. THERE IS SUFFICIEN T MATERIAL ON RECORD TO PROOF THE CREDITWORTHINESS OF MR. ADITYA P. THAKER. (II) RAMABEN P. THAKER:- SHE IS THE MOTHER OF ASSESSEE. FROM THE PERUSAL OF PAPER BOOK AT PAGE 25 TO 27 WE FIND THAT SHE OWN S MUTUAL FUNDS SINCE 2006. SHE REDEEMED THE MUTUAL FUNDS FOR RS. 2,46,13 7/- IN THE MONTH OF MAY 2009 AND OUT OF THE AVAILABLE BANK BALANCE OF RS. 2 ,75,938/- SHE HAS PAID CHEQUE OF RS. 2,00,000/- TO ASSESSEE. WE ARE THERE FORE SATISFIED BY THE CREDITWORTHINESS OF SMT. RAMABEN P. THAKER. (III) SUSHMABEN THAKER:- SHE IS THE WIFE OF ASSESSEE. FROM THE PERUSAL OF PAPER BOOK AT PAGE 31 TO 36 WE FIND THAT SHE HAS BE EN INVESTING INTO MUTUAL FUNDS SINCE LAST MANY YEARS AND IT STARTED SINCE 20 06. SHE REDEEMED SOME OF THE INVESTMENT IN MUTUAL FUNDS DURING THE FINANCIAL YEAR 2009-10. FROM PERUSAL OF BANK STATEMENTS AT PAGE 30 WE FIND THAT SHE HAS RECEIVED RS. 2,79,098/- FROM REDEEMING SOME OF A MUTUAL FUND ( R S. 59,440/- +60,218/- ITA.NO.1245/AHD/2014 ASSESSMENT YEAR 2010-11 - 9 +60,218/-+47,972/-+51,250/-). THE ABOVE SUM OF RS. 2,79,098/- WAS RECEIVED IN THE ICICI BANK, V.V. NAGAR A/C 9989 AND FURTHER, SUM OF RS. 1,85,493/- RECEIVED FROM REDEMPTION OF MUTUAL FUND IN ANOTHER BANK ACCOUNT HELD WITH CITY BANK. SMT. SUSHMABEN THAKER ISSUED C HEQUES OF RS. 1,70,000/- AND 2,75,000/- OUT OF THE ABOVE REFERRED SALE PROCEED FROM MUTUAL FUND. WE ARE THEREFORE SATISFY WITH THE CREDITWORTH INESS OF THE LOANS RECEIVED FROM SUSHMEBEN THAKER. 12. FURTHER LEARNED COUNSEL HAS REFERRED AND RELIED ON THE JUDGMENT OF JURISDICTIONAL HIGH COURT IN THE CASE OF DCIT V/S. ROHINI BUILDER 256 ITR 360 (GUJ) WHEREIN HONBLE COURT HELD AS UNDER:- THE TRIBUNAL FOUND THAT THE ASSESSEE HA D DISCHARGED THE INITIAL ONUS WHICH LAY ON IT IN TERMS OF SECTION 68 BY PROV ING THE IDENTITY OF THE CREDITORS BY GIVING THEIR COMPLETE ADDRESSES, G-IR NUMBERS/PERMANENT ACCOUNT NUMBERS AND THE COPIES OF ASSESSMENT ORDERS WHEREVER READILY AVAILABLE, THAT IT HAD ALSO PROVED THE CAPACITY OF THE CREDITORS BY SHOWING THAT THE AMOUNTS WERE RECEIVED BY THE ASSESS BY ACCOUNT PAYEE CHEQUES DRAWN FROM BANK ACCOUNTS OF THE CREDITORS THE ASSESSEE WAS NOT EXPECTED TO PROVE THE GENUINENESS OF THE CASH DEPOSIT THE BANK ACCOUNTS OF THOSE CREDITORS BECAUSE UNDER LAW THE ASSESSEE CAN HO ASKED TO PROVE THE SOURCE OF THE CREDITS IN ITS BOOKS OF ACCOUNT BUT NOT THE SOURCE OF THE SOURCE. THE PRECEDENTS LAID DOWN AS ABOVE BY THE HIGH COURT STRAIGHTAWAY APPLY TO CASE AND FACTS OF OUR APPEAL . 13. NOW ON EXAMINING THE FACTS OF THE CASE WITH THE JUDGMENT OF JURISDICTIONAL HIGH COURT REFERRED ABOVE AND THE DI SCUSSIONS OF RELEVANT FACT, WE FIND THAT ALL THE THREE CASH CREDITORS ARE HAVIN G PERMANENT ACCOUNT NUMBER, ISSUED CHEQUES TO ASSESSEE BY THROUGH PROPE R BANKING CHANNEL, NO CASH DEPOSIT IN THE BANK ACCOUNTS, SOURCE OF FUNDS IS FROM SALE/REDEMPTION OF MUTUAL FUND AND EQUITY SHARES HELD BY THE CASH CRED ITORS SINCE MANY YEARS. WE ARE THEREFORE OF THE VIEW THAT IN TOTALITY OF FA CT ASSESSEE HAS SUFFICIENTLY ITA.NO.1245/AHD/2014 ASSESSMENT YEAR 2010-11 - 10 PROVED THE IDENTITY GENUINENESS AND CREDITWORTHINES S OF THE UNSECURED LOANS RECEIVED FROM RELATIVES TOTALING TO RS. 8,95,000/-. IN THE RESULT WE SET ASIDE THE ORDER OF LEARNED COMMISSIONER OF INCOME TAX(APP EALS) ON THIS ISSUE, DELETE THE ADDITION MADE U/S. 68 OF THE ACT AT RS. 8,95,000/- AND ALLOW GROUND NO. 1,2 & 3 OF THE ASSESSEE. 14. NOW, WE TAKE UP GROUND NO. 4 RELATING TO ISSUE RAISED BY ASSESSEE AGAINST THE ORDER OF LEARNED COMMISSIONER OF INCOME TAX (APPEALS) FOR CONFIRMING ACTION OF LEARNED ASSESSING OFFICER FOR NOT GRANTING CREDIT OF TAX DEDUCTED AT SOURCE OF RS. 30,417/- DEDUCTED ON THE INTEREST INCOME OF RS. 2,95,144/-. 15. AT THE OUTSET LEARNED ASSESSEE SUBMITTED THAT T HAT THE INTEREST INCOME OF RS. 2,95,144/- WAS NOT DISCLOSED IN THE RETURN OF I NCOME DUE TO AN APPARENT MISTAKE WHILE FILING THE RETURN. SHE FURTHER REFERR ED TO FORM 26AS RELATING TO ANNUAL TAX STATEMENT U/S. 203AA OF THE ACT IN THE NAME OF ASSESSEE WHICH PROVES THAT TAX DEDUCTED AT SOURCE OF RS. 30,417/- HAS BEEN DEDUCTED ON THE INTEREST INCOME OF RS. 2,95,144/-. SHE FURTHER SUBM ITTED THAT INTEREST INCOME OF RS. 2,95,144/- HAS BEEN ADDED BY THE LEARNED ASS ESSING OFFICER WHILE ASSESSING OF THE ASSESSEE BUT THE CREDIT OF TAX DED UCTED AT SOURCE OF RS. 30,417/- WAS NOT ALLOWED. WHEN THE MATTER CAME UP L EARNED COMMISSIONER OF INCOME TAX(APPEALS) GROUND WAS DISMISSED AS NO D ETAILS, EVIDENCE OR SUBMISSION WERE FILED TO SUBSTANTIATE THIS CLAIM. L EARNED COUNSEL PRAYED FOR GIVING THE CREDIT OF TAX DEDUCTED AT SOURCE OF RS. 30,417/- . 16. ON THE OTHER HAND LEARNED DEPARTMENTAL REPRESEN TATIVE SUPPORTED THE ORDER. ITA.NO.1245/AHD/2014 ASSESSMENT YEAR 2010-11 - 11 17. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE RECORDS PLACED BEFORE US. SHORT ISSUE RAISED IN THIS GROUNDS FOR NOT GRANTING CREDIT OF TAX DEDUCTED AT SOURCE OF RS. 30,417/- ON THE INTEREST INCOME OF RS 2,95,144/- WHICH WAS ORIGINALLY NOT SHOWN IN THE RETURN OF INC OME BY THE ASSESSEE BUT THEREAFTER LEARNED ASSESSING OFFICER ADDED THE SAME TO THE INCOME OF THE ASSESSEE WHILE FRAMING THE ASSESSMENT ORDER. REVENU E HAS NOT DISPUTED THE FACT THAT THE ALLEGED INTEREST INCOME OF RS. 2,95,1 44/- FORMS PART OF THE TOTAL INCOME ASSESSED BY THE LEARNED ASSESSING OFFICER. L EARNED COMMISSIONER OF INCOME TAX(APPEALS) HAS DISMISSED THE GROUND OF ASS ESSEE FOR LACK OF DETAILS AND EVIDENCE. DURING THE COURSE OF HEARING BEFORE U S LEARNED COUNSEL PLACED ON RECORD OF THE COPY, FORM 26AS SHOWING DETAILS O F TAX DEDUCTED AT SOURCE OF RS. 30,417/- ON THE INTEREST INCOME OF RS. 2,95, 144/-. THIS DOCUMENT WHICH HAS BEEN ISSUED BY THE INCOME TAX DEPARTMENT SHOWS THE COMPLETE DETAILS OF TAX DEDUCTED AT SOURCE AND INCOME CREDIT ED. WE ARE THEREFORE OF THE VIEW THAT THE ASSESSEE SHOULD BE GIVEN THE CREDIT O F TAX DEDUCTED AT SOURCE OF RS. 30,417/- AS THE INTEREST INCOME OF RS. 2,95,144 /- HAS ALREADY BEEN ADDED TO THE TOTAL INCOME BY THE LEARNED ASSESSING OFFIC ER IN THE ASSESSMENT ORDER FRAMED U/S. 143(3) OF THE ACT. WE THEREFORE DIRECT LEARNED ASSESSING OFFICER TO VERIFY THE DETAILS IN FORM 26AS AND MATCH THEM W ITH THE INTEREST INCOME OF RS. 2,95,144/- CLAIMED BY THE ASSESSEE. IF THE CLAI M OF THE ASSESSEE IS CORRECT THEN THE CREDIT OF TAX DEDUCTED AT SOURCE OF RS. 30 ,417/- TO BE ALLOWED. NEEDLESS TO MENTION THAT THE TO GET PROPER OPPORTUN ITY OF BEING HEARD TO BE PROVIDED TO ASSESSEE. ACCORDINGLY WE ALLOW THIS GRO UND OF THE ASSESSEE FOR STATISTICAL PURPOSES. ITA.NO.1245/AHD/2014 ASSESSMENT YEAR 2010-11 - 12 18. IN THE RESULT APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE COURT ON 1 ST MAY, 2017 AT AHMEDABAD. SD/- SD/- (SHRI MAHAVIR PRASAD) JUDICIAL MEMBER (SHRI MANISH BOARD) ACCOUNTANT MEMBER