The ACIT, Circle-12, Ahmedabad V. Shri Kanubhai Babaldas Patel, Ahmedabad

ITA 2590/AHD/2013

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 9235 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 3 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-02-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 13-02-2017
• Assessment Year: 2009-2010
• Appeal Filed On: 01-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SITA RAM MEENA
• Assessee Lawyers: CHHAJED
• Keywords: Unexplained cash credit; Additional evidence; Reasonable cause
• Section: 143(3); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH BEFORE: SHR I RAJPAL YADAV , JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER THE ACIT, CIRCLE - 12, AHMEDABAD (APPELLANT) VS SHRI KANUBHAI BABALDAS PATEL, B/4, GHAMSHYAM APARTMENT MEGHANI NAGAR, AHMEDABAD - 380016 PAN: AJHPP2489A (RESPONDENT) REVENUE BY : S H RI SITARAM MEENA , SR. D . R. ASSESSEE BY: S H RI M.S. CHHAJED , A.R. DATE OF HEARING : 13 - 02 - 2 017 DATE OF PRONOUNCEMENT : 21 - 02 - 2 017 / ORDER P ER : AMARJIT SINGH, ACCOUNTANT MEMBER : - THIS R EVENUE S APPEAL FOR A.Y. 2009 - 10 , AR IS ES FROM ORDER OF THE CIT(A) - XX, AHMEDABAD DATED 23 - 08 - 2013 IN APPEAL NO. CIT(A) - XX/437/11 - 12 , IN PROCEEDINGS UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . I T A NO . 2590 / A HD/20 13 A SS ESSMENT YEAR 200 9 - 10 I.T.A NO. 2590 /AHD/20 13 A.Y. 2009 - 10 PAGE NO ACIT VS. SHRI KANUBHAI BABALDAS PATEL 2 2. THE REVENUE HAS TAKEN FOLLOWING GRO UNDS OF APPEAL: - 1. THE LD. CIT(A) - XX, AHMEDABAD HAS ERRED ON FACTS AND CIRCUMSTANCES OF THE CASE IN DELETING THE ADDITION MADE ON ACCOUNT OF DISALLOWANCE OF ELECT RICITY EXPENSES OF RS. 1,04,274/ - 2. THE LD. CIT(A) - XX, AHMEDABAD HAS ERRED ON FAC TS AND CIRCUMSTANCES OF THE CASE IN DELETING THE ADDITION MADE ON ACCOUNT OF UNEXPLAINED CASH CREDITS OF 4 CREDITORS I.E. (I)AJAY S. PATEL (RS.3,50,000/ - ), (II)LALIT B. PATEL(RS.5,50,000/ - ), (III)PRAHLAD BHAI B. PATEL(RS.4,00,000/ - ) & (IV)PRAG NESHBHAI M. PA TEL(RS. 17,00,000/ - ) TOTALING TO RS.30,00,000/ - . 3. IT IS THEREFORE, PRAYED THAT THE ORDER OF THE CIT(A) BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED TO THE ABOVE EXTENT. GROUND NO.1 3. IN THIS CASE, RETURN OF INCOME DECLARING INCOME OF RS. 51,10,870/ - WAS FILED ON 29 TH MARCH, 2010. SUBSEQUENTLY, THE CASE WAS SELECTED FOR SCRUTINY AND NOTICE U/S. 143(2) OF THE ACT WAS ISSUED ON 30 TH AUGUST, 2010. DURING THE COURSE OF ASSESSMENT PROCEEDING THE ASSESSING OFFICER HAS NOTICED THAT ASSESS EE HAS CLAIMED ELECTRICAL EXPENSES OF RS.1, 0,4,274. THE ASSESSING OFFICER HAS DISALLOWED THE FULL EXPENSES STATING THAT ASSESSEE HAS NOT PRODUCED ANY ELECTRICITY BILL FOR VERIFICATION. AGGRIEVED AGAINST THE THIS DISALLOWANCE MADE BY A THE ASSESSING OFFIC ER THE ASSESSEE PREFERRED APPEAL BEFORE THE LEARNED CIT APPEAL ON THIS ISSUE. THE LEARNED CIT APPEAL HAS ALLOWED THE CLAIM OF EXPENSES UNDER THE HEAD ELECTRICAL EXPENSES OF THE ASSESSEE BY STATING AS UNDER: - 7.3. I HAVE CONSIDERED THE FACTS OF THE CASE AN D SUBMISSION MADE BY THE APPELLANT. FROM THE DETAILS AND THE COPY OF LEDGER ACCOUNT SUBMITTED, IT IS NOTICED THAT THIS WAS THE PAYMENT MADE BY CHEQUES TO TORRENT POWER CO. LTD. TOWARDS THE POWER BILLS. THE APPELLANT WAS ENGAGED IN THE BUSINESS OF MINERAL W ATER IN THE NAME OF SHAYONA I.T.A NO. 2590 /AHD/20 13 A.Y. 2009 - 10 PAGE NO ACIT VS. SHRI KANUBHAI BABALDAS PATEL 3 BEVERAGES HAVING TOTAL TURNOVER OF RS.4,39,942/ - . WITHOUT AIDE OF POWER THE PROCESSING OF MINERAL WATER IS NOT POSSIBLE. MOREOVER, THE ASSESSEE IS CLAIMED THAT HE HAS ALREADY DECLARED THE NET PROFIT OF RS.22.39% WHICH IS MORE TH AN THE PRESCRIBED RATE OF 5% IN VIEW OF PROVISIONS OF SECTION 44AF OF THE I.T. ACT. HENCE, THE REQUIREMENT OF MAINTAINING THE BOOKS OF ACCOUNT WAS NOT MANDATORY. CONSIDERING THE FACTS THAT THE APPELLANT HAS MADE PAYMENT BY WAY OF CHEQUE TO THE POWER COMPAN Y CONSIDERING THE NATURE OF THE BUSINESS THE CLAIM DOES NOT CALLED FOR ANY DISALLOWANCE. FURTHER, THE A.O. HAS ALSO NOT BROUGHT OUT ANY ADVERSE REMARKS IN THE REMAND REPORT OVER THIS ISSUE. HENCE, DISALLOWANCE MADE BY THE A.O. IS DELETED. THUS, THIS GROUND OF APPEAL IS ALLOWED. 4. DURING THE COURSE OF APPELLANT PROCEEDINGS BEFORE US THE LEARNED DR SUPPORTED THE ORDER OF ASSESSING OFFICER AND CONTEN DED THAT LEARNED CIT APPEAL HAS ERRED IN ALLOWING THE CLAIM OF THE ASSESSEE. ON THE OTHER HAND THE LEARNED CO U N SEL HAS SUPPORTED THE FINDING OF THE LEARNED CIT APPEAL. AFTER HEATING BOTH THE SIDES AND P ERUSAL OF MATERIALS ON RECORD , W E OBSERVED THAT THE ASSESSEE HAS MADE PAYMENT BY CHE Q UE TO THE TORRENT POWER COMPANY LIMITED TO WARDS THE POWER BILLS AND WE HAVE ALSO NOTED THE FINDING OF THE LEARNED CIT APPEAL STATING THAT ASSESSING OFFICER HAS NOT MADE ANY ADVERSE REMARKS OVER THE SUBMISSION OF THE ASSESSEE MADE DURING THE APPELLANT PROCEEDINGS BEFORE THE LEARNED CIT APPEAL. IN VIEW OF THESE FACTS , WE DO NOT FIND ANY REASON TO INTERFERE IN THE FINDING OF THE LEARNED CIT APPEAL. GROUND NO. 2 5 . THE FACTS PERTAINING TO THE ISSUE IN THE APPEAL ARE THAT DURING THE COURSE OF APPELLATE PROCEEDINGS, THE ASSESSING OFFICE R ON I.T.A NO. 2590 /AHD/20 13 A.Y. 2009 - 10 PAGE NO ACIT VS. SHRI KANUBHAI BABALDAS PATEL 4 VERIFICATION OF THE BANK BOOK OF THE AS SESSEE PERTAINING TO THE VIJAY COOPERATIVE BANK LTD HAS FOUND CREDIT ENTRIES AS UNDER: - SR. NO. DATE NAME OF PARTY AMOUNT CREDITED 1 23.09.2008 ONGC RS.1,18,518/ - 2 25.09.2008 AJAY SHANKARBHAI PATEL RS.3,50,000/ - 3 25.09.2008 LALIT BHPENDR ABHAI PATEL RS.5,50,000/ - 4 25.09.2008 PRAHLADBHAI BECHARDAS PATEL RS.4,00,000/ - 5 25.09.2008 PRAGNESH MADHAVLAL PATEL RS.17,00,000/ - 6 29.09.2008 ONGC RS.2,38,313/ - 7 29.09.2008 ONGC RS.34,603/ - TOTAL RS.33,91,434/ - IN THIS CONNECTION, THE ASSESSING OFFICER HAS ISSUED SHOW CAUSE NOTICE TO THE ASSESSEE TO EXPLAIN THE IDENTITY, GENUINENESS AND CREDITWORTHINESS OF THE PARTIES WHO HAVE PROVIDED THE ABOVE SAID I.T.A NO. 2590 /AHD/20 13 A.Y. 2009 - 10 PAGE NO ACIT VS. SHRI KANUBHAI BABALDAS PATEL 5 CREDIT ENTRIES TO THE ASSESSEE. THE ASSESSING OFFICER STATED THAT ASSE SSEE FAILED TO PROVIDE THE REQUIRED DETAIL CALLED FOR , THEREFORE , HE MADE ADDITION U/S. 68 OF THE ACT TO THE AMOUNT OF RS. 33 ,91, 414/ - AS UNEXPLAINED CREDIT U/S. 68 OF THE ACT. AGGRIEVED AGAINST THE ORDER OF THE ASSESSING OFFICER, THE ASSESSEE FILED APPE AL BEFORE THE LD. CIT(A). THE LD. CIT(A) HAS DELETED THE ADDITION BY OBSERVING AS UNDER: - 8.5. I HAVE CONSIDERED THE FACTS OF THE CASE AND SUBMISSION MADE BY THE APPELLANT. IT IS NOTICED THAT WITH RESPECT TO ONGC CREDITS TOTALING TO RS.3,91,434/ - , THE A PPELLANT HAS SUBMITTED THAT THESE WERE PAYMENTS RECEIVED FROM ONGC MAINLY FOR COMPENSATION FOR ACQUISITION OF AGRICULTURAL LAND. IN SUPPORT, THE COPIES OF THE COMPENSATION AWARD AGREEMENTS AND AGRICULTURAL LAND RECORDS ETC. WERE FURNISHED AND 'ON VERIFICAT ION THEREOF CONTENTION TAKEN BY THE APPELLANT WAS FOUND CORRECT. THE A.O. HAS ALSO NOT GIVEN ANY ADVERSE REMARKS ABOUT THE AFORESAID RECEIPTS FROM THE ONGC. SO IN ABSENCE OF ANY ADVERSE FINDINGS AND EXPLANATION OF THE APPELLANT, ADDITIONS TOWARDS THESE CRE DITS BEING SOURCES FROM ONGC, WHICH ARE DULY EXPLAINED BY THE APPELLANT ARE NOT CALLED FOR. HENCE, ADDITION ON THIS ACCOUNT IS DELETED. 8.6. IN RESPECT OF THE FOLLOWING 4 CASH CREDITS, THE ADDITIONS U/S.68 WAS MADE BY THE A.O. SR.NO. DATE NAME OF PAR TY AMOUNT CREDITED 1. 25.09.2008 AJAY SHANKARBHAI PATEL RS.3,50,000/ - 2. 25.09.2008 LALIT BHPENDRABHAI PATEL RS.5,50,000/ - 3. 25.09.2008 PRAHLADBHAI BECHARDAS PATEL RS.4,00,000/ - 4. 25.09.2008 PRAGNESHBHAI MADHVLAL PATEL RS.17,0 0,000/ - WITH REGARD TO DEPOSIT OF SHRI AJAY SHANKARBHAI PATEL FOR RS.3,50,000/ - , THE APPELLANT HAS SUBMITTED HIS CONFIRMATION WITH FULL I.T.A NO. 2590 /AHD/20 13 A.Y. 2009 - 10 PAGE NO ACIT VS. SHRI KANUBHAI BABALDAS PATEL 6 ADDRESS, COPY OF HIS BANK ACCOUNT IN VIJAY CO - OP. BANK LTD. SHO WING THE BALANCE OF RS.4,13,165/ - FROM WHICH THE LENDI NGS OF RS.3,50,000/ - WAS MADE TO THE APPELLANT. COPY OF HIS INCOME TAX RETURN FOR RELEVANT ASSESSMENT YEAR HAS ALSO FILED. BESIDES, A COPY OF AFFIDAVIT DTD. 26.12.2013 FILED GIVING CONFIRMATIONS ABOUT THE AFORESAID LOAN S CONTAINING HIS PAN, CHEQUE NO. BANK ACCOUNT NUMBER, NAME OF BANK AND BRANCHE TO THE A.O. DURING REMAND PROCEEDINGS. WITH REGARD TO THE SECOND DEPOSITOR NAMELY LALIT BUPENDRABHAI PAT EL, THE LOAN WAS OF RS.5,50,000/ - FOR WHICH THE APPELLANT HAS SUBMITTED CONFIRMATION WITH FULL ADDRESS, COPY O F HIS BANK ACCOUNT SHO WING THE BALANCE OF RS.5,92,242/ - BEFORE GIVING THE AFORESAID LOANS TO THE APPELLANT AND A COPY OF HIS RETURN OF INCOME FOR A.Y. 2009 - 10. AFFIDAVIT WAS ALSO FURNISHED BEFORE THE A.O. DURING REMAND PROCEEDINGS STATING HIS PAN, DETAILS OF THE RETURN OF INCOME FILED, CHEQUE NUMBER, S.B. ACCOUNT NUMBER, NAME OF BANK AND BRANCH ETC. WITH REGARD TO THIRD PARTY NAMELY SHRI PRAHLADBHAI BECHARDAS PATE L FROM WHOM LOAN OF RS.4,00,000/ - HAS BEEN TAKEN BY THE APPELLANT, THE APPELLANT HAS SUBMITTED CONFIRMATION W ITH FULL ADDRESS , HIS BANK ACCOUNT SHO WING THE BALANCE OF RS.4,10,408/ - AND COPY OF PAN CARD. FURTHER, AFFIDAVIT CONTAINING HIS PAN, CHEQUE NUMBER, S.B. ACCOUNT NO., BANK AND BRANCH ETC. WAS FURNISHED DURING THE REMAND PROCEEDINGS BEFORE THE A.O. LASTLY WITH REGARD TO DEPOSITS OF SHRI PRAGNESH MADHAVLAL PATEL, APPELLANT FURNISHED CONFIRMATION OF HIS BANK ACCOUN T SHOWING THE BALANCE OF 40,70,871/ - BEFORE GRANTING LOAN TO THE APPELLANT ALONG WITH HIS PAN. AN AFFIDAVIT CONTAINING DETAILS OF HI S PAN, CHEQUE NUMBER, S.B. ACCOUNT NUMBER AND NAME OF BANK & BRANCH ETC. WAS FURNISHED BEFORE THE A.O. DURING REMAND PROCEEDINGS. 8.7. FROM THE AFORESAID DETAILS, THE IDENTITY OF ALL THE FOUR CASH CREDITORS ARE ESTABLISHED AS THEY WERE FILING THE RETURNS O F INCOME, THEIR PAN WAS ON RECORD, MAINTAINING BANK ACCOUNTS ETC. HENCE, IDENTITY IS PROVED. FURTHER THE COPY OF THEIR BANK ACCOUNTS HAVE ALSO BEEN SUBMITTED SHOWING THEIR CREDIT BALANCES IN THEIR BANK ACCOUNTS, FILING THEIR RETURNS OF INCOME, PAYMENTS ARE MADE THROUGH CHEQUES. HENCE, THERE MAY NOT BE ANY QUESTION ABOUT THEIR CREDIT WORTHINESS ALSO. MOREOVER, ALL THE PAYMENTS WERE MADE BY WAY OF CHEQUES AND CHEQUE NUMBERS, THEIR NAME OF BANK AND BRANCHES WERE ALSO GIVEN. HENCE ON GENUINENESS DOES NOT REMAIN ANY DOUBT. NECESSARY CONFIRMATIONS AND THEREAFTER AFFIDAVITS HAVE ALSO BEEN FURNISHED. SO THE ONUS CASTS UPON THE APPELLANT WAS DULY DISCHARGED. I.T.A NO. 2590 /AHD/20 13 A.Y. 2009 - 10 PAGE NO ACIT VS. SHRI KANUBHAI BABALDAS PATEL 7 8.8. THE A.O. HAS RAISED OBJECTION IN THE SECOND REMAND REPORT DTD. 9.5.2013 THAT THE CASH CREDITORS WERE NOT PRODUCED BY THE APPELLANT FOR EXAMINATION, HENCE, INTENTIONALLY AVOID THEIR PERSONAL PRESENCE WITHOUT ANY REASONABLE CAUSE. ON THIS REMARK THE APPELLANT HAS GIVEN THE DECISION OF HON'BLE SUPREME COURT IN THE CASE OF CIT VS. ORISSA CORPORATION PVT. LTD. (15 9 ITR 78) FOR THE PROPOSITION THAT ONCE THE APPELLANT HAS GIVEN NAME, ADDRESS, PAN AND OTHER DETAILS THEN PRIMARY ONUS LAID UPON THE ASSESSEE WAS DISCHARGED AND IF THERE WAS ANY DOUBT IN THAT CASE THE A.O. WOULD HAVE MADE THE INQUIRY INDEPENDENTLY AT ITS O WN. THE A.O. HAS NOT POINTED OUT ANY DOUBT OVER THE DETAILS AND DOCUMENTS FURNISHED BY THE APPELLANT HENCE IT WAS NOT THE OBLIGATION ON THE PART OF THE APPELLANT TO PRODUCE EACH, OF THE CASH CREDITORS PERSONALLY. THE A.O. HAS NOT ISSUED SUMMONS TO CASH CRE DITORS FOR MAKING NECESSARY ENQUIRIES INDEPENDENTLY FOR WHICH THE APPELLANT MAY NOT BE DEFAULTED. EVEN THE AO HAS NOT PO INTED OUT ANY DOUBT OVER THE DETAILS AND DOCUMENTS SUBMITTED WITH REGARD TO 3 INGREDIENTS. 8.9. HE HAS ALSO RELIED UPON THE DECISION OF HON'BLE GUJARAT HIGH COURT IN THE CASE OF CIT VS. RANCHHOD JIVABHAI NAKHAVA 21 TAXMANN.COM 159 WHEREIN IT IS HELD THAT WHEN THE ASSESSEE HAS ESTABLISHED THAT THE MONEY WAS TAKEN BY WAY OF ACCOUNT PAYEE CHEQUES,' LENDEORS ARE I.T. ASSESSEE'S HAVING PAN THEN THE INITIAL BURDEN U/S.68 WAS DISCHARGED, BY THE APPELLANT. ONCE THE A.O. GETS THE HOLD OF THE PAN OF THE LENDERS, IT WAS HIS DUTY TO ASCERTAIN FROM THE AO OF THOSE LENDERS WHETHER IN THEIR RESPECTIVE RETURNS THEY HAD SHOWN EXISTENCE OF SUCH AMOUNT OF MON EY AND HAD FURTHER SHOWN THAT THOSE AMOUNT OF MONEY HAD BEEN LENT TO THE ASSESSEE. IF BEFORE VERIFYING OF SUCH FACT FROM THE AO OF THE LENDERS OF THE ASSESSEE, THE AO DECIDES TO EXAMINE THE LENDERS AND ASKS THE ASSESSEE TO FURTHER PROVE THE GENUINENESS AND CREDITWORTHINESS OF THE TRANSACTION, THE AO DOES NOT FOLLOW THE PRINCIPLE LAID DOWN U/S.68. IN VIEW OF THE DECISION, THE APPELLANT CONTENDED THAT BEFORE ASKING FOR THE PERSONAL PRESENCE OF THE CASH CREDITORS BY THE A.O. HE WANT TO DO SO, HE WOULD HAVE VER IFIED THESE CASH CREDITS FROM THE A.OS. OF AFORESAID 4 LENDERS AND IF DURING VERIFICATION SOME DOUBT ARISES THEN ONLY HE COULD HAVE ASKED THE ASSESSEE TO PRODUCE THE CASH CREDITORS. SO THE A.O. HAS NOT FOLLOWED THE PROPER PROCEDURE AS LAID DOWN BY THE HON' BLE GUJARAT HIGH COURT IN THE AFORESAID CASE. THE A.O. INSISTED ONLY THE APPELLANT TO PRODUCE THE CASH CREDITORS INSPITE OF ONUS SHIFTED ON HIM TO MAKE ENQUIRIES BUT HE FAILED TO DO SO. IF THE APPELLANT WAS UNABLE TO PRODUCE THEN HE WOULD HAVE ISSUED THE S UMMONS AS THE ADDRESSES OF ALL THE CASH CREDITORS WERE AVAILABLE I.T.A NO. 2590 /AHD/20 13 A.Y. 2009 - 10 PAGE NO ACIT VS. SHRI KANUBHAI BABALDAS PATEL 8 WITH HIM. SO IN THE GIVEN FACTS, THE IDENTITY, CREDIT WORTHINESS AND GENUINENESS OF THE CASH CREDITS ARE ESTABLISHED BY THE APPELLANT THROUGH ADDUCING VARIOUS DETAILS AND DOCUMENTS AND APPELL ANT HAD SUFFICIENTLY DISCHARGED THE ONUS CAST UPON HIM AS PER REQUIREMENT OF SECTION 68 OF THE I.T. ACT IN VIEW OF THE VARIOUS CASE LAWS CITED ABOVE. SO, THE ADDITION MADE BY THE A.O. FOR THE AFORESAID PARTIES ARE DELETED AND APPELLANT GETS THE RE LIEF. THU S, THIS GROUND OF APPEAL IS ALLOWED. 6 . DURING THE COURSE OF APPELLATE PROCEEDINGS BEFORE US LD. DEPARTMENTAL REPRESENTATIVE CONTENDED THAT LD. CIT(A) HAS ERRED IN DELETING THE ADDITION MADE ON ACCOUNT OF UN EXPLAINED CASH CREDIT OF 4 CREDITORS. ON THE OTHER HAND, LD. AUTHORIZED REPRESENTATIVE SUBMITTED PAPER BOOK CONTAINING WRITTEN SUBMISSION AND COPIES OF CONFIRMATIONS OBTAINED FROM CREDIT PARTIES, AFFIDAVIT OF DEPOSITORS CONFIRMING OF DEPOSITS. HE SUPPORTED THE ORDER OF LD. CIT(A). 7 . WE HAVE HEAR D BOTH THE SIDES AND PERUSED THE MATERIAL ON RECORD. WE HAVE NOTICED THAT THE ASSESSEE HAS FILED WRITTEN SUBMISSION ALONG WITH THE RELEVANT DOCUMENTS BEFORE THE LD. CIT(A) UNDER RULE 46A OF THE ACT. WE ALSO FIND THAT LD. CIT(A) HAS RIGHTLY ADMITTED THES E EVIDENCES AND DETAILS CONSIDERING THE NECESSITY TO DECIDE THE ISSUE ON THE BASIS OF RELEVANT EVIDENCES WHICH C OULD NOT BE PRODUCED AT THE TIME OF ASSESSMENT PROCEEDINGS. WE HAVE ALSO SEEN THAT LD. CIT(A) HAS PROVIDED OPPORTUNITY TO THE ASSESSING OFFICE R BY CALLING REMAND REPORT TO VERIFY THE DOCUMENTS FUR NISHED BY THE ASSESSEE UNDER RULE 46 A OF THE ACT . I N THIS CONNECTION W E FIND THAT ASSESSING OFFICER HAS SIMPLY STA T ED THAT ADDITIONAL EVIDENCE SHOULD NOT BE CONSIDERED ON THE GROUND THAT AMPLE OPPORTUNI TIES WERE I.T.A NO. 2590 /AHD/20 13 A.Y. 2009 - 10 PAGE NO ACIT VS. SHRI KANUBHAI BABALDAS PATEL 9 PROVIDED TO THE ASSESSEE AT THE ASSESSMENT STAGE BUT COULD NOT POINT OUT ANY DEFICIENCY OR INCORRECTNESS IN THE INFORMATION FURNISHED BY THE ASSESSEE BEFORE THE CIT(A) UNDER RULE 46A OF THE ACT. WE HAVE GONE THROUGH THE FINDINGS OF LD. CIT(A) ST ATING THAT THE ASSESSEE HAS FURNISHED THE FOLLOWING INFORMATION IN RESPECT OF THE FOUR CASH CREDIT ENTRIES FOR WHICH ADDITION U/S. 68 MADE BY THE ASSESSING OFFICER. AJAY SHANKERBHAI PATEL RS. 3,50,000/ - IN THE CASE OF ABOVE LENDER T HE ASSESSEE HAS SUBMITT ED CONFIRMATION ALONG WITH FULL ADDRESS, COPY OF HIS BANK ACCOUNT WITH VIJAY BANK COOPERATIVE BANK LTD SHOWING BALANCE OF RS. 4,11,165/ - FROM WHICH LOAN OF RS. 3.5 LACS WAS MADE TO THE ASSESSEE. COPY OF HIS INCOME TAX RETURN WAS ALSO FILED ALONG WITH COP Y OF AFFIDAVIT GIVING CONFIRMATION ABOUT T HE AFORESAID LOAN TRANSACTION ALONG WITH PARTICULARS OF CHEQUE , BANK ACCOUNT NO. , NAME OF THE BANK AND BRANCH ETC . LALIT BHPENDRABHAI PATEL RS. 5,50,000/ - IN THIS CASE THE ASSESSEE HAS SUBMITTED CONFIRMATION ALONG WITH FULL ADDRESS, COPY OF BANK ACCOUNT SHOWING BALANCE OF R S. 5,92,242/ - OUT OF WHICH LOAN OF RS. 5, 50, 000/ - WAS PROVIDED TO THE ASSESSEE. HE ALSO FILED COPY OF RETURN OF INCOME, AFFIDAVIT CO NFIRMING THE LOAN, PAN DETAIL, CHEQUE NO. BANK ACCOUNT NO AND BRANCH ETC . PRAHLADBHAI BECHARDAS RS. 4,00,000/ - THE ASSESSEE HAS FILED CONFIRMATION WITH ADDRESS, BANK ACCOUNT SHOWING BALANCE OF RS. 4,10,408/ - OUT OF WHICH LOAN OF RS. 4,10,000/ - I.T.A NO. 2590 /AHD/20 13 A.Y. 2009 - 10 PAGE NO ACIT VS. SHRI KANUBHAI BABALDAS PATEL 10 WAS GIVEN TO THE ASSESSEE. HE ALSO FILED COPY OF PAN CARD, AFFIDA VIT SB ACCOUNT , BANK AND BRANCH ETC . PRAGNESHBHAI MADHVLAL RS. 1,70,000/ - IN THIS CASE ALSO, ASSESSEE SUBMITTED CONFIRMATION , BANK A/C SHOWING BALANCE OF RS. 40,70,871/ - PAN , CHEQUE NUMBER, S.B. ACCOUNT NUMBER, NAME OF BANK AND BRANCH ETC. 8 . AFTER PERUSAL OF THE ABOVE INFORMATION A ND FINDINGS OF THE LD. CIT(A), THAT IDENTITY, CREDITWORTHINESS AND GENUINENESS OF ALL THE FOUR PARTIES HAVE BEEN ESTABLISHED BY T HE A SSESSEE , WE DO NOT FIND ANY REASON TO INTERFERE IN THE FINDINGS OF THE LD. CIT(A). THE APPEAL OF THE REVENUE IS DISMISSED. 9. IN THE RESULT , THE APPEAL OF THE REVENUE IS DISMISSED. ORDER PR ONOUNCED IN THE OPEN C OURT ON 21 - 02 - 201 7 SD/ - SD/ - ( RAJPAL YADAV ) ( AMARJIT SINGH ) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD : DATED 21 /02 /2017 / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. I.T.A NO. 2590 /AHD/20 13 A.Y. 2009 - 10 PAGE NO ACIT VS. SHRI KANUBHAI BABALDAS PATEL 11 BY ORDER/ , / ,