Jaipur Boutique Carpet v. ITO (2021) 189 ITD 305 (Jaipur)(Trib.)

S. 69A : Unexplained moneys-Loan-Confirmation from such two persons from whom money was received as ‘temporary loan’ was not produced-Matter remanded back to decide afresh. [S. 254(1)]

Held that, since two parties could not deliver required results, advance which was paid by assessee through account payee cheques was repaid by them in small amounts out of their own earnings further assessee had never claimed that it had received temporary loan from these two parties. Therefore, matter remanded back to decide issue afresh. (AY.  2009-2010)