Sri Rajeev Kr. Jain, Kolkata V. ITO, Ward - 1(3),., Durgapur

ITA 1599/KOL/2009

• Counselvise Citation: [2013] 140 COUNSELVISE.COM (IT) 70457 (ITAT-KOLKATA)
• Duration Of Justice: 4 year(s) 3 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-12-2013
• Appeal Filed By: Assessee
• Bench Allotted: A
• Next Hearing Date: 07-04-2011
• Assessment Year: 2006-2007
• Appeal Filed On: 10-09-2009
• Court: TRIBUNAL
• Department Lawyers: R P NAG
• Assessee Lawyers: S JHAJHARIA
• Keywords: Unexplained cash credit; Source of fund
• Section: 143(3); 133(6); 68

Judgement Text

, A , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH: KOL KATA () BEFORE , /AND . . . . ' '' ''# '#'# '#, $% ) [BEFORE SHRI MAHAVIR SINGH, JM & SHRI ABRAHAM P. GEORGE, AM] & & & & / I.T.A NO. 1599/KOL/2009 '( )* '( )* '( )* '( )*/ // / ASSESSMENT YEAR: 2006-07 SHRI RAJEEV KUMAR JAIN VS. INCOME-TAX OFFICER, W D-1(3), DURGAPUR (PAN: ACFPJ9860Q) (,- /APPELLANT ) (./,-/ RESPONDENT ) DATE OF HEARING: 28.11.2013 DATE OF PRONOUNCEMENT: 20.12.2013 FOR THE APPELLANT: SHRI S. JHAJHARIA FOR THE RESPONDENT: SHRI R. P. NAG, SR. DR $0 / ORDER PER SHRI MAHAVIR SINGH, JM: THIS APPEAL BY ASSESSEE IS ARISING OUT OF ORDER OF CIT(A), DURGAPUR IN APPEAL NO. 51/CIT(A)/DGP/08-09 DATED 08.07.2009. ASSESSMENT W AS FRAMED BY ITO, WARD-1(3), DURGAPUR U/S. 143(3) OF THE INCOME-TAX ACT, 1961 (H EREINAFTER REFERRED TO AS THE ACT) FOR ASSESSMENT YEAR 2006-07 VIDE HIS ORDER DATED 23.12. 2008. 2. THE ONLY ISSUE IN THIS APPEAL OF ASSESSEE IS AGA INST THE ORDER OF CIT(A) CONFIRMING THE ADDITION OF UNEXPLAINED CASH CREDIT MADE BY AO BY I NVOKING THE PROVISIONS OF SECTION 68 OF THE ACT FOR AN AMOUNT OF RS.10.50 LAC. FOR THIS, ASSES SEE HAS RAISED FOLLOWING GROUND NO.1: 1.FOR THAT IN VIEW OF THE FACTS AND CIRCUMSTANCES OF THE CASE THE LD. CIT(A) WAS WHOLLY WRONG AND UNJUSTIFIED IN CONFIRMING THE ADDITION OF RS.10.50 LAKHS MADE IN THE ASSESSMENT AS UNEXPLAINED CASH CREDIT U/S. 68 OF TH E I. T. ACT. THE ACTIONS OF BOTH THE AO AND THE LD. CIT(A) WERE WHOLLY UNREASONABLE, UNC ALLED FOR AND BAD IN LAW. EVEN OTHERWISE AND WITHOUT PREJUDICE THE ADDITION MADE B Y THE AO AND ITS CONFIRMATION BY THE LD. CIT(A) WAS HIGHLY EXCESSIVE AND WHOLLY UNRE ASONABLE. 3. WE HAVE HEARD RIVAL SUBMISSIONS AND GONE THROUGH FACTS AND CIRCUMSTANCES OF THE CASE. BRIEFLY STATED FACTS ARE THAT THE AO DURING THE COU RSE OF ASSESSMENT PROCEEDINGS MADE ADDITION OF UNEXPLAINED CASH CREDITS AT RS.10.50 LAKH. THE DETAILS OF CASH CREDITS ARE AS UNDER: 1. SHRI PRAMOD KR. JAIN RS.2.50,000/- 2. SHRI KAMAL KUMAR JAIN RS.2,00,000/- 3. SHRI HARI KISHEN DAGA RS.3,00,000/- 4. SMT. SHANTI DEVI SHYAMSUKHA RS.1,00,000/- 2 ITA NO. 1599/K/2009 SHRI RAJEEV KUMAR JAIN , AY:2006-07 5. SMT. SANTOSH DEVI SHYAMSUKHA RS.1,50,000/- 6. SHRI RAJESH KUMAR JAIN RS. 50,000/- TOTAL: RS.10,50,000/- BEFORE THE AO IN RESPECT OF ALL THESE SIX CASH CRED ITORS, THE ASSESSEE HAS PRODUCED CONFIRMATIONS, BANK ACCOUNTS, BALANCE SHEETS, PAN N OS. ETC. BUT THE AO AFTER ANALYSING THE FACTUAL POSITION IN EACH OF THE CASH CREDITORS TREA TED THE CASH CREDITS AS UNEXPLAINED AND MADE ADDITION BY INVOKING THE PROVISIONS OF SECTION 68 O F THE ACT. AGGRIEVED, ASSESSEE PREFERRED APPEAL BEFORE CIT(A), WHO ALSO CONFIRMED THE ADDITI ON. AGGRIEVED, NOW ASSESSEE IS IN APPEAL BEFORE US. 4. NOW, WE WILL DISCUSS THE INDIVIDUAL CASH CREDITO RS. FIRST, WE WILL TAKE UP THE CASH CREDITOR SHRI PRAMOD KUMAR JAIN, WHO HAD ADVANCED A SUM OF RS.2.50 LAKH TO THE ASSESSEE. THE ASSESSEE HAS FILED COMPLETE DETAILS I.E. CONFIRMATI ON OF ACCOUNT, LETTER FROM AO ISSUED U/S. 133(6) OF THE ACT TO SHRI PRAMOD KR. JAIN, REPLY FR OM SHRI PRAMOD KR. JAIN, CONFIRMATION FOR ADVANCING THE AMOUNT, BALANCE SHEET OF SHRI PRAMOD KR. JAIN, COPY OF ACKNOWLEDGEMENT OF RETURN OF SHRI PRAMOD KR. JAIN FOR AY 2006-07 FILED WITH THE INCOME TAX DEPARTMENT ALONG WITH COPY OF BANK ACCOUNT OF SHRI PRAMOD KR. JAIN M AINTAINED WITH SOUTH INDIAN BANK LTD., KOLKATA BURRABAZAR BRANCH AND CASH FLOW STATEMENT. FROM THE BALANCE SHEET OF SHRI PRAMOD KR. JAIN FILED WITH INCOME TAX DEPARTMENT, IT IS CL EAR THAT HE IS HAVING CAPITAL OF RS.2,95,357/-. SHRI PRAMOD KR. JAIN, THE CREDITOR HAS ADVANCED A S UM OF RS.2.50 LAC TO ASSESSEE AND OUT OF WHICH THE REPAYMENT IS ALSO MADE BY CHEQUE OF RS.1. 50 LAC. THE DETAILS ARE ALREADY GIVEN BY SHRI PRAMOD KR. JAIN TO THE ITO VIDE HIS LETTER ENC LOSED AT ASSESSEES PAPER BOOK PAGE 29. THE RELEVANT DETAILS ARE AS UNDER: 1) S. NO. 2) OPENING BALANCE ON 01.04.2005 NIL 3) CLOSING BALANCE ON 31.03.2006 1,00,000/- 4) RATE OF INTEREST NIL 5) WHEN LOAN WAS LAST GIVEN, IF NO ADDITION WAS MADE DURING THE F.Y 2004-05 30.05.2005 2,50,000/- 6) ADDITION TO LOAN F.Y. 2004-05 NIL 7) REPAYMENT DURING THE YEAR DATE MODE AMOUNT 12.08.2005 BY CHEQUE 1,50,000/- THE RELEVANT PAPERS OF SHRI PRAMOD KR. JAIN ARE ENC LOSED AT ASSESSEES PAPER BOOK PAGES 27 TO 34. THESE PAPERS CLEARLY DEPICT THAT SHRI PRAMOD K UMAR JAIN HAS CAPACITY TO ADVANCE THIS AMOUNT AND HE HAS SOURCES OF INCOME. THE TRANSACTI ON IS GENUINE AS THE SAME IS BY ACCOUNT 3 ITA NO. 1599/K/2009 SHRI RAJEEV KUMAR JAIN , AY:2006-07 PAYEE CHEQUE FROM SHRI PRAMOD KR. JAIN TO THE ASSES SEE. ONCE THIS IS THE FACTUAL POSITION, THE CASH CREDITOR IS EXPLAINED HAVING CREDITWORTHINESS, GENUINE TRANSACTION AND IDENTITY. THIS ALL SATISFY THE CONDITIONS AS LAID DOWN IN SECTION 68 O F THE ACT. 5. NOW WE WILL DISCUSS THE CASH CREDIT OF SHRI KAMA L KUMAR JAIN, WHO HAD ADVANCED A SUM OF RS.2.00 LAKH TO THE ASSESSEE. THE ASSESSEE H AS FILED COMPLETE DETAILS I.E. CONFIRMATION OF ACCOUNT, LETTER FROM AO ISSUED U/S. 133(6) OF THE A CT TO SHRI KAMAL KR. JAIN, REPLY FROM SHRI KAMAL KR. JAIN, CONFIRMATION FOR ADVANCING THE AMOU NT, BALANCE SHEET OF SHRI KAMAL KR. JAIN, COPY OF ACKNOWLEDGEMENT OF RETURN OF SHRI KAMAL KR. JAIN FOR AY 2006-07 FILED WITH THE INCOME TAX DEPARTMENT ALONG WITH COPY OF BANK ACCOU NT OF SHRI KAMAL KR. JAIN MAINTAINED WITH SOUTH INDIAN BANK LTD., KOLKATA BURRABAZAR BRA NCH AND CASH FLOW STATEMENT. FROM THE BALANCE SHEET OF SHRI KAMAL KR. JAIN FILED WITH INC OME TAX DEPARTMENT, IT IS CLEAR THAT HE IS HAVING CAPITAL OF RS.3,54,916/-. SHRI KAMAL KR. JAI N, THE CREDITOR HAS ADVANCED A SUM OF RS.2.00 LAC TO ASSESSEE AND OUT OF WHICH THE REPAYM ENT IS ALSO MADE BY CHEQUE OF RS.1.00 LAC. THE DETAILS ARE ALREADY GIVEN BY SHRI KAMAL KR. JAI N TO THE ITO VIDE HIS LETTER ENCLOSED AT ASSESSEES PAPER BOOK PAGE 103. THE RELEVANT DETAI LS ARE AS UNDER: 1) S. NO. 2) OPENING BALANCE ON 01.04.2005 NIL 3) CLOSING BALANCE ON 31.03.2006 1,00,000/- 4) RATE OF INTEREST NIL 5) WHEN LOAN WAS LAST GIVEN, IF NO ADDITION WAS MADE DURING THE F.Y 2004-05 30.05.2005 2,00,000/- 6) ADDITION TO LOAN F.Y. 2004-05 NIL 7) REPAYMENT DURING THE YEAR DATE MODE AMOUNT 12.08.2005 BY CHEQUE 1,00,000/- THE RELEVANT PAPERS OF SHRI KAMAL KR. JAIN ARE ENCL OSED AT ASSESSEES PAPER BOOK PAGES 101 TO 109. THESE PAPERS CLEARLY DEPICT THAT SHRI KAMAL K UMAR JAIN HAS CAPACITY TO ADVANCE THIS AMOUNT AND HE HAS SOURCES OF INCOME. THE TRANSACTI ON IS GENUINE AS THE SAME IS BY ACCOUNT PAYEE CHEQUE FROM SHRI KAMAL KR. JAIN TO THE ASSESS EE. ONCE THIS IS THE FACTUAL POSITION, THE CASH CREDITOR IS EXPLAINED HAVING CREDITWORTHINESS, GENUINE TRANSACTION AND IDENTITY. THIS ALL SATISFY THE CONDITIONS AS LAID DOWN IN SECTION 68 O F THE ACT. 6. NOW WE WILL DISCUSS THE CASH CREDIT OF SHRI HARI KISHEN DAGA, WHO HAD ADVANCED A SUM OF RS.3.00 LAKH TO THE ASSESSEE. THE ASSESSEE HAS F ILED COMPLETE DETAILS I.E. CONFIRMATION OF ACCOUNT, LETTER FROM AO ISSUED U/S. 133(6) OF THE A CT TO SHRI HARI KISHEN DAGA, REPLY FROM SHRI 4 ITA NO. 1599/K/2009 SHRI RAJEEV KUMAR JAIN , AY:2006-07 SHRI HARI KISHEN DAGA, CONFIRMATION FOR ADVANCING T HE AMOUNT, BALANCE SHEET OF SHRI HARI KISHEN DAGA, COPY OF ACKNOWLEDGEMENT OF RETURN OF S HRI HARI KISHEN DAGA FOR AY 2006-07 FILED WITH THE INCOME TAX DEPARTMENT ALONG WITH COP Y OF BANK ACCOUNT OF SHRI SHRI HARI KISHEN DAGA MAINTAINED WITH SOUTH INDIAN BANK LTD., KOLKATA BURRABAZAR BRANCH AND CASH FLOW STATEMENT. FROM THE BALANCE SHEET OF SHRI HAR I KISHEN DAGA FILED WITH INCOME TAX DEPARTMENT, IT IS CLEAR THAT HE IS HAVING CAPITAL O F RS.3,78,104/-. SHRI HARI KISHEN DAGA, THE CREDITOR HAS ADVANCED A SUM OF RS.3.00 LAC TO ASSES SEE AND OUT OF WHICH THE REPAYMENT IS ALSO MADE BY CHEQUE OF RS.2.00 LAC. THE DETAILS ARE ALR EADY GIVEN BY SHRI HARI KISHEN DAGA TO THE ITO VIDE HIS LETTER ENCLOSED AT ASSESSEES PAPER BO OK PAGE 92. THE RELEVANT DETAILS ARE AS UNDER: OPENING BALANCE AS ON 01.04.05 (RS.) CLOSING BALANCE AS ON 31.03.06 (RS.) RATE OF INTEREST CHARGES (%) WHEN THE LOAN GIVEN DURING THE F.Y04-05 (DATE & AMOUNT) ADDITION TO THE LOAN DURING THE FY 04-05 (DATE & AMOUNT) REPAYMENT DURING THE YEAR (DATE & AMOUNT) NIL 1,00,000/- 10% 31.05.2005 RS.3,00,000/- NIL 12.08.2005 RS.2,00,000/- THE RELEVANT PAPERS OF SHRI HARI KISHEN DAGA ARE EN CLOSED AT ASSESSEES PAPER BOOK PAGES 89 TO 99. THESE PAPERS CLEARLY DEPICT THAT SHRI HARI KIS HEN DAGA HAS CAPACITY TO ADVANCE THIS AMOUNT AND HE HAS SOURCES OF INCOME. THE TRANSACTI ON IS GENUINE AS THE SAME IS BY ACCOUNT PAYEE CHEQUE FROM SHRI HARI KISHEN DAGA TO THE ASSE SSEE. ONCE THIS IS THE FACTUAL POSITION, THE CASH CREDITOR IS EXPLAINED HAVING CREDITWORTHINESS, GENUINE TRANSACTION AND IDENTITY. THIS ALL SATISFY THE CONDITIONS AS LAID DOWN IN SECTION 68 O F THE ACT. 7. NOW WE WILL DISCUSS THE CASH CREDIT OF SMT. SHA NTI DEVI SHYAMSUKHA, WHO HAD ADVANCED A SUM OF RS.1.00 LAKH TO THE ASSESSEE. THE ASSESSEE HAS FILED COMPLETE DETAILS I.E. CONFIRMATION OF ACCOUNT, LETTER FROM AO ISSUED U/S. 133(6) OF THE ACT TO SMT. SHANTI DEVI SHYAMSUKHA, REPLY FROM SMT. SHANTI DEVI SHYAMSUKHA, CONFIRMATION FOR ADVANCING THE AMOUNT, BALANCE SHEET OF SMT. SHANTI DEVI SHYAMSUKH A, COPY OF ACKNOWLEDGEMENT OF RETURN OF SMT. SHANTI DEVI SHYAMSUKHA FOR AY 2006-07 FILED WI TH THE INCOME TAX DEPARTMENT ALONG WITH COPY OF BANK ACCOUNT OF SMT. SHANTI DEVI SHYAM SUKHA MAINTAINED WITH CENTRAL BANK OF INDIA., KOLKATA AND CASH FLOW STATEMENT. FROM THE BALANCE SHEET OF SMT. SHANTI DEVI SHYAMSUKHA FILED WITH INCOME TAX DEPARTMENT, IT IS CLEAR THAT HE IS HAVING CAPITAL OF RS.6,64,687/-. SMT. SHANTI DEVI SHYAMSUKHA, THE CRE DITOR HAS ADVANCED A SUM OF RS.1.00 LAC TO 5 ITA NO. 1599/K/2009 SHRI RAJEEV KUMAR JAIN , AY:2006-07 ASSESSEE. THE DETAILS ARE ALREADY GIVEN BY SMT. SHA NTI DEVI SHYAMSUKHA TO THE ITO VIDE HIS LETTER ENCLOSED AT ASSESSEES PAPER BOOK PAGE 74. THE RELEVANT DETAILS ARE AS UNDER: 1) S. NO. 2) OPENING BALANCE ON 01.04.2005 NIL 3) CLOSING BALANCE ON 31.03.2006 1,00,000/- 4) RATE OF INTEREST NIL 5) WHEN LOAN WAS LAST GIVEN, IF NO ADDITION WAS MADE DURING THE F.Y 2004-05 02.06.2005 1,00,000/- 6) ADDITION TO LOAN F.Y. 2004-05 NIL 7) REPAYMENT DURING THE YEAR NIL THE RELEVANT PAPERS OF SMT. SHANTI DEVI SHYAMSUKHA ARE ENCLOSED AT ASSESSEES PAPER BOOK PAGES 72 TO 88. THESE PAPERS CLEARLY DEPICT THAT S MT. SHANTI DEVI SHYAMSUKHA HAS CAPACITY TO ADVANCE THIS AMOUNT AND SHE HAS SOURCES OF INCOME. THE TRANSACTION IS GENUINE AS THE SAME IS BY ACCOUNT PAYEE CHEQUE FROM SMT. SHANTI DEVI SHYAM SUKHA TO THE ASSESSEE. ONCE THIS IS THE FACTUAL POSITION, THE CASH CREDITOR IS EXPLAINED HA VING CREDITWORTHINESS, GENUINE TRANSACTION AND IDENTITY. THIS ALL SATISFY THE CONDITIONS AS LAID D OWN IN SECTION 68 OF THE ACT. 8. NOW WE WILL DISCUSS THE CASH CREDIT OF SMT. SANT OSH DEVI SHYAMSUKHA, WHO HAD ADVANCED A SUM OF RS.1.50 LAKH TO THE ASSESSEE. THE ASSESSEE HAS FILED COMPLETE DETAILS I.E. CONFIRMATION OF ACCOUNT, LETTER FROM AO ISSUED U/S. 133(6) OF THE ACT TO SMT. SANTOSH DEVI SHYAMSUKHA, REPLY FROM SMT. SANTOSH DEVI SHYAMSUKHA , CONFIRMATION FOR ADVANCING THE AMOUNT, BALANCE SHEET OF SMT. SANTOSH DEVI SHYAMSUK HA, COPY OF ACKNOWLEDGEMENT OF RETURN OF SMT. SANTOSH DEVI SHYAMSUKHA FOR AY 2006-07 FILE D WITH THE INCOME TAX DEPARTMENT ALONG WITH COPY OF BANK ACCOUNT OF SMT. SANTOSH DEV I SHYAMSUKHA MAINTAINED WITH CENTRAL BANK OF INDIA., KOLKATA AND CASH FLOW STATEMENT. F ROM THE BALANCE SHEET OF SMT. SANTOSH DEVI SHYAMSUKHA FILED WITH INCOME TAX DEPARTMENT, IT IS CLEAR THAT HE IS HAVING CAPITAL OF RS.5,14,962/-. SMT. SANTOSH DEVI SHYAMSUKHA, THE CR EDITOR HAS ADVANCED A SUM OF RS.1.50 LAC TO ASSESSEE. THE DETAILS ARE ALREADY GIVEN BY SMT. SANTOSH DEVI SHYAMSUKHA TO THE ITO VIDE HIS LETTER ENCLOSED AT ASSESSEES PAPER BOOK PAGE 5 8. THE RELEVANT DETAILS ARE AS UNDER: 1) S. NO. 2) OPENING BALANCE ON 01.04.2005 NIL 3) CLOSING BALANCE ON 31.03.2006 1,00,000/- 4) RATE OF INTEREST NIL 5) WHEN LOAN WAS LAST GIVEN, IF NO ADDITION WAS MADE DURING THE F.Y 2004-05 02.06.2005 1,50,000/- 6 ITA NO. 1599/K/2009 SHRI RAJEEV KUMAR JAIN , AY:2006-07 6) ADDITION TO LOAN F.Y. 2004-05 NIL 7) REPAYMENT DURING THE YEAR DATE MODE AMOUNT 11.08.05 CHEQUE 50,000/- THE RELEVANT PAPERS OF SMT. SANTOSH DEVI SHYAMSUKHA ARE ENCLOSED AT ASSESSEES PAPER BOOK PAGES 56 TO 71. THESE PAPERS CLEARLY DEPICT THAT S MT. SANTOSH DEVI SHYAMSUKHA HAS CAPACITY TO ADVANCE THIS AMOUNT AND SHE HAS SOURCES OF INCOM E. THE TRANSACTION IS GENUINE AS THE SAME IS BY ACCOUNT PAYEE CHEQUE FROM SMT. SANTOSH DEVI S HYAMSUKHA TO THE ASSESSEE. ONCE THIS IS THE FACTUAL POSITION, THE CASH CREDITOR IS EXPLAINE D HAVING CREDITWORTHINESS, GENUINE TRANSACTION AND IDENTITY. THIS ALL SATISFY THE CONDITIONS AS LA ID DOWN IN SECTION 68 OF THE ACT. 9. NOW WE WILL DISCUSS THE CASH CREDIT OF SHRI RAJE SH KUMAR JAIN, WHO HAD ADVANCED A SUM OF RS.50,000/- TO THE ASSESSEE. THE ASSESSEE HA S FILED COMPLETE DETAILS I.E. CONFIRMATION OF ACCOUNT, LETTER FROM AO ISSUED U/S. 133(6) OF THE A CT TO SHRI RAJESH KUMAR JAIN, REPLY FROM SHRI RAJESH KUMAR JAIN, CONFIRMATION FOR ADVANCING THE AMOUNT, BALANCE SHEET OF SHRI RAJESH KUMAR JAIN, COPY OF ACKNOWLEDGEMENT OF RETURN OF SH RI RAJESH KUMAR JAIN FOR AY 2006-07 FILED WITH THE INCOME TAX DEPARTMENT ALONG WITH COP Y OF BANK ACCOUNT OF SHRI RAJESH KUMAR JAIN MAINTAINED WITH STATE BANK OF INDIA., DURGAPUR AND CASH FLOW STATEMENT. FROM THE BALANCE SHEET OF SHRI RAJESH KUMAR JAIN FILED WITH INCOME TAX DEPARTMENT, IT IS CLEAR THAT HE IS HAVING CAPITAL OF RS.3,56,841/-. SHRI RAJESH KUM AR JAIN, THE CREDITOR HAS ADVANCED A SUM OF RS.50,000/-TO ASSESSEE. THE DETAILS ARE ALREADY GIV EN BY SHRI RAJESH KUMAR JAIN TO THE ITO VIDE HIS LETTER ENCLOSED AT ASSESSEES PAPER BOOK P AGE 37. THE RELEVANT DETAILS ARE AS UNDER: OPENING BALANCE AS ON 01.04.05 (RS.) CLOSING BALANCE AS ON 31.03.06 (RS.) RATE OF INTEREST CHARGES (%) WHEN THE LOAN WAS LAST GIVEN, IF NO ADDITION WAS MADE DURING THE F.Y04-05 (DATE & AMOUNT) ADDITION TO THE LOAN DURING THE FY 04-05 (DATE, MODE & AMOUNT) REPAYMENT DURING THE YEAR (DATE, MODE & AMOUNT) NIL 5,00,000/- NIL 18.03.2006 RS.5,00,000/- NIL N I L THE RELEVANT PAPERS OF SHRI RAJESH KUMAR JAIN ARE E NCLOSED AT ASSESSEES PAPER BOOK PAGES35 TO 47. THESE PAPERS CLEARLY DEPICT THAT SHRI RAJES H KUMAR JAIN HAS CAPACITY TO ADVANCE THIS AMOUNT AND SHE HAS SOURCES OF INCOME. THE TRANSACT ION IS GENUINE AS THE SAME IS BY ACCOUNT PAYEE CHEQUE FROM SHRI RAJESH KUMAR JAIN TO THE ASS ESSEE. ONCE THIS IS THE FACTUAL POSITION, 7 ITA NO. 1599/K/2009 SHRI RAJEEV KUMAR JAIN , AY:2006-07 THE CASH CREDITOR IS EXPLAINED HAVING CREDITWORTHIN ESS, GENUINE TRANSACTION AND IDENTITY. THIS ALL SATISFY THE CONDITIONS AS LAID DOWN IN SECTION 68 O F THE ACT. 10. IN VIEW OF THE ABOVE FACTS AND CIRCUMSTANCES, W E ARE OF THE VIEW THAT ALL THE SIX CREDITORS ARE EXPLAINED AND WE DELETE THE ADDITION 11. IN THE RESULT, APPEAL OF ASSESSEE IS ALLOWED. 12. ORDER IS PRONOUNCED IN THE OPEN COURT ON 20.12. 2013. SD/- SD/- . . . . ' '' ''# '#'# '# , $% , (ABRAHAM P. GEORGE) (MAHAVIR SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 20TH DECEMBER, 2013 12 '3' 4 JD.(SR.P.S.) $0 5 . 6$ )7- COPY OF THE ORDER FORWARDED TO: 1 . ,- / APPELLANT SHRI RAJEEV KUMAR JAIN,C/O SALARPURIA J AJODIA & CO., 7, C. R. AVENUE, KOLKATA-700 072 2 ./,- / RESPONDENT ITO, WARD-1(3), DURGAPUR 3 . 0' ( )/ THE CIT(A), DURGAPUR 4. 5. 0' / CIT DURGAPUR <= .' / DR, KOLKATA BENCHES, KOLKATA / ./ TRUE COPY, $0'>/ BY ORDER, ' /ASSTT. REGISTRAR .