- (1.) By way of this appeal, the appellant has assailed the judgment and order of the Tribunal whereby Tribunal has partly allowed the appeal of the department and cross objection of the assessee is dismissed.
(2.) Counsel for the appellant has framed following substantial questions of law:- (A) Whether in the facts and circumstances of the case, once the assessee has established the identity of the creditors in whose names cash credit is found in the books of account and the said creditors have admitted having advanced the aforesaid sum to the appellant assessee and the said creditors have also been assessed to income tax, the tribunal was justified in holding that the assessee has failed to discharge his onus under Section 68 of the Act of 1961? (B) Whether under the facts and circumstances and in law, the ld. ITAT has erred in making the addition u/s 68 of the Act, 1961, treating the loan received as undisclosed income of the assessee, without taking into account that the Assessee has discharged its burden by placing (i) confirmation letter of the cash creditors; (ii) its affidavit; (iii) its full addresses and GIR numbers and permanent account numbers; (iv) its Income Tax Return? (C) Whether in the facts and circumstances of the case the rejection of explanation furnished by the appellant, explaining the cash credits of persons, for the reasons are perverse by ignoring the objective material available to the assessee?
(3.) The facts of the case are that the appellant is engaged in the business of trading of gold and silver ornaments under the name & style of M/s. Laddha Jewellers and is regularly assessed to tax under PAN No.ABPPL5675G. The appellant has also income from estate business. The appellant had filed his return of income for the Assessment Year 2012-13 on 31.8.2012 declaring income of Rs.7,84,816/-. The case of the appellant was pricked up for scrutiny and notice u/s 143(2) of the Act was issued on 23.9.2013. 3.1 Thereafter, assessment u/s 143(3) of the Act of 1961 was framed vide order dt. 27.3.2015 on the appellant. During the assessment proceedings, the AO assessed the income of the appellant amounting to Rs.58,98,350/- by making further additions to the declared income of the appellant as under:- JUDGEMENT_144_LAWS(RAJ)7_2018_1.html ;