The Commissioner Of Income Tax-Ii vs M/S Jansampark Advertising And ... on 11 March, 2015
21. We have heard the rival contentions and perused the material
on record. Through this ground assessee has challenged the action
of ld. CIT(A) confirming the addition of Rs.1,99,500/- as unexplained
cash credit. We observe that the amount of Rs.1,99,500/- includes
unsecured loan each less than Rs.20,000/- taken in cash and
assessee was unable to prove the creditworthiness and genuineness
before ld. Assessing Officer. As a result, ld. CIT(A) confirmed the
same. We further observe that assessee has placed on record copies
of PAN and other identity proofs in the paper book along with
confirmation copies to prove the identity, genuineness and
creditworthiness of the depositors. We further observe that assessee
ITA No. 1355/Ahd/2012 15
Asst. Year 2007-08
has referred and relied on various judgments. However, in the case of
CIT vs. Jansampark Advertising & Marketing (P) Ltd (supra) the
issue relating to raising of share capital and is, therefore not relevant
to the facts of the case before as the facts are different.