ITA No. 696 of 2008 1 In the High Court of Punjab and Haryana, Chandigarh. ITA No. 696 of 2008 Date of Decision: 10.02.2009 CIT, Faridabad. ....Appellant. Versus M/s. Fashion Accesssories. ....Respondents. Coram:- Hon'ble Mr.Justice J.S. Khehar Hon'ble Mr. Justice Nawab Singh Present: Mr. Yogesh Putney, Advocate for the appellant. ... J.S. Khehar, J. (Oral). The solitary contention of the learned counsel for the appellant was on the determination rendered by the Income Tax Appellate Tribunal in respect of the genuineness of the loan extended by Mr. Sanjay Batra, an employee of the respondent – assessee. While determining the aforesaid issue, the Income Tax Appellate Tribunal took into consideration, inter- alia, the following material: -- “(i) Confirmation letter from Sh. Sanjay Batra confirming the transaction in question giving, inter-alia, full details of sources in his hands. (ii) Copy of ledger account of the assessee in the books of Sh. Sanjay Batra. (iii) Copies of income-tax returns of Sh. Sanjay Batra for ITA No. 696 of 2008 2 different assessment years. (iv) Certificate from the Hong Kong and Shanghai Banking Corporation certifying that a sum of Rs.20 lakhs was given as a loan to Sh. Sanjay Batra. (v) Copy of HSBC Bank statement of Sh. Sanjay Batra showing disbursal of loan of Rs.20 lakhs on 16.10.2002 and the payment made by Sh. Sanjay Batra to the assessee by cheque No.705551. (vi) Copy of confirmation from Sh. Anoop Thatai regarding a loan of Rs.5 lakhs given to Sh. Sanjay Batra. (vii) Bank statements of Sh. Anoop Tharai showing the amount of Rs.5 lakhs paid to Sh. Sanjay Batra. (viii) Copy of income tax returns of Sh. Anoop Thatai as well as balance sheet of his proprietary concern M/s. Orient Kint Apparel. (ix) Confirmation of Dr. S.P. Batra in respect of an amount of Rs.3,50,000/- paid by him to the assessee by demand draft on behalf of his son Sh. Sanjay Batra. (x) Copy of income tax return of Dr. S.P. Batra as well as his bank statement showing payment of Rs.3,50,000/- given to the assessee on behalf of Sh. Sanjay Batra and the source thereof as loan against FDR.” Having examined the aforesaid material, the Income Tax Appellate Tribunal found, that the aforesaid loan extended by Mr. Sanjay Batra to the respondent – assessee was genuine. We find no reason, whatsoever, to differ from the aforesaid ITA No. 696 of 2008 3 determination of the Income Tax Appellate Tribunal, which is based on valid and justifiable grounds. Dismissed. ( J.S. Khehar ) Judge ( Nawab Singh ) Judge. 10.02.2009 sk.