Genuineness of Unsecured Loan if assessee furnished copies of P&L Account, Balance Sheet, I. T. Returns, bank statement alongwith Confirmation

Shri Rajeev Kumar Jain Vs ITO (ITAT Kolkata)-  Assessee stated that the assessee during the year under consideration took loan of Rs. 3,00,000/- from one Shri Amit Kr. Jain, a close relative, by account payee demand draft. The assessee furnished copies of P&L Account, Balance Sheet, I. T. Returns, bank statement for FY 2006-07 relevant to Assessment Year 2007-08 along with confirmation from Shri Amit Kr. Jain.

Before us it was contended that neither the Assessing Officer nor CIT(A) has properly appraised the facts regarding this loan of Rs. 3 lacs as the assessee in his return of income for Assessment Year 2006-07 has disclosed unsecured advances given to various parties which were returned to the assessee in the relevant year cash and deposited the same amount in the bank account amounting to Rs. 1.50 lacs on each of the occasions on 26.08.2006 and 28.08.2006. As these facts were not verified by the lower 2 ITA 688/K/2011 Shri Rajeev Kumar Jain A.Y.07-08 authorities, we cannot decide this issue at this level. Hence, we restore the issue to the file of Assessing Officer for fresh verification as per law. Appeal of the assessee is allowed for statistical purposes.

 INCOME TAX APPELLATE TRIBUNAL, KOLKATA

I.T.A No. 688/Kol/2011

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