Held that the assessee had filed the names of all the nine lenders, their respective permanent account numbers, addresses as well as the Income-tax returns of the lenders, which proved that they were filing tax returns before the Department ; and the permanent account numbers details and addresses of the corporate entities proved the identity of all the nine lenders. The genuineness of the transactions was revealed from the bank statements highlighting the loan transactions. Order of CIT(A) deleting the addition is affirmed. Held that all the nine parties received the notices issued by the Assessing Officer under section\u00a0133(6)\u00a0of the Act and pursuant thereto, had replied and filed confirmations of the unsecured loan transaction. Merely because the lenders did not appear before the Assessing Officer, that could not be the sole reason for drawing an adverse view against the assessee. Held that statement was recorded behind the assessee\u2019s back and no opportunity was given to the assessee hence the addition is not valid. Tribunal also held that opening balance cannot be added as cash credits.\u00a0 Order of CIT(A) deleting the addition is affirmed. (AY.2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Share capital-Filed names of lenders, Permanent Account Numbers, addresses and Income-Tax Returns, credit worthiness, bank statement-Order of CIT(A) deleting the addition is affirmed-Unsecured creditors-Replied too notices and filed confirmation-Not appeared before Assessing Officer-Order of CIT(A) deleting the addition is affirmed-Statement recorded during search-Opportunity of cross examination is not given-Opening balance cannot be added. [S.133(6)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-50313","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d5v","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=50313"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50313\/revisions"}],"predecessor-version":[{"id":50314,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50313\/revisions\/50314"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}