Manishkumar & Co. Vs. ITO( ITAT Ahmedabad)- The first ground relates to addition of Rs.13,77,000/- made u/s 68 by the AO. During the assessment proceedings the assessee was asked by the AO to prove the identity of the lender, genuineness of the transaction and creditworthiness of the lender in respect of the loan of Rs.13,77,000/- shown in the name of Shri Madanlal J. Panjabi. The assessee was only able to furnish the death certificate of Madanlal J. Panjabi. No other evidence including that from the legal heir of Mr. Panjabi was submitted The AO therefore, made the addition of Rs.13,77,000/- u/s 68 of the Act. Before ld. CIT(A) also no details could be submitted by the assessee. The ld. CIT(A), therefore, confirmed the action of the AO. Further aggrieved, now the assessee is in appeal before us.
INCOME TAX APPELLATE TRIBUNAL, AHMEDABAD
ITA No. 58/Ahd/2009 – Asst. Year :2005-06
M/s Manish Kumar & Co.
Vs.
Income-tax Officer
Date of pronouncement : 08/12/11.
O R D E R
Per D. K. Tyagi, Judicial Member.
This is an appeal filed by the Assessee against the order of ld. CIT(A) dated 7.10.2008. Following grounds have been raised in this appeal:-
(1) The ld. CIT(A)-IV, Baroda erred in law and on facts in confirming addition of Rs. 13,77,000/- u/s 68 of the IT Act.
