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2011 (3) TMI 143 - PUNJAB AND HARYANA HIGH COURTUnexplained cash credit - Gift - The assessee is a firm running a petrol pump and in its account credited a sum of Rs. 2 lacs as loan from one Dinesh Goyal - Held that: - It is settled law that for proving the credit u/s 68 of the Income-tax Act, identity and creditworthiness of the lender as well as genuineness of the transaction are needed to be established by the assessee - The creditor of the assessee had received a gift from his maternal uncle and in any case, the addition should be in the hands of the creditor - Explanation by Dinesh Goyal was false as he did not have any source of money - The said findings are based on appreciation of material on record and are not shown to be unreasonable or perverse - Accordingly, the appeal is dismissed
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