loans and the assessee had also paid interest thereon. This leads to a situation that the loans accepted by the assessee in cash were more ... assessee that there was a reasonable cause in accepting the loans in cash, being the ignorance of law by the assessee who is basically
that even cash book was not produced to show the requirement
of cash and utilisation of cash loans. It was observed that no
supportive evidences ... assessee will produce all
necessary evidences such as cash books , confirmations of cash loans,
evidences for utilisation of cash loans etc to substantiate that there
addition of
Rs. 25,00,00,000/- on account of cash loan in spite of the fact that there
is direct nexus between Ramesh Chand ... made on account of interest charged on cash loan of Rs. 25,00,00,000/-
on account of non-providing of the opportunity of cross
address also.
Q.9 Please give exact details of total cash loan taken from time to
time from USG?
Ans. As it is clear from ... cash finance business from one
16 IT (SS)A 148/Mum/2006
'USG' which is decoded as 'Ustaji' , which cash loan
that the appellant-firm has taken loans through or from Paras Ram C. Rohera, finance broker, in cash in violation of the provisions of section ... that would have been paid by the appellant for arranging the cash loans through Shri Paras Ram Rohera, which is calculated by the assessing officer
Report):-As offered by the
Applicants: Cash Peak Of Cash Loans And Capital Transactions:
Rs.15,10,77,500/- .As was the case with ... also in the seized
cash book, all seized pursuant to search, there were found recorded
entries with regard to cash loans introduced in the business
The Acit (Central)-I, Bhopal vs M/S. D.K. Construction, Bhopal on 31 January
cash
4. 13-3-1995 12,000 in cash
5. 24-3-1995 10,000 in cash
6. 29-3-1995 10,000 in cash ... cash
2. 23-8-1995 20,000 in cash
3. 27-8-1995 10,000 in cash
4. 27-6-1995 150 in cash
reveals that the
assesse has received cash loans and has repaid the
loan in cash. The A.O stated that it was his internal
report ... seized
diary there was cash available to the applicant and
from the same cash the outstanding loans were repaid
by the applicant. The entries were
erred in deleting the addition made on account of unexplained cash loan of
Rs. 2,75,00,000/- without appreciating the fact the assessee ... view that these
loose papers appear to be related to cash loans/advances given by the assessee. The
assessee was asked to explain the nature
