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2012 (8) TMI 387 - ITAT LUCKNOWUnexplained cash credit – assessee obtained loans from parties by means of cheques - AO had accepted part of the loans - AO not only accepted the identity and genuineness of the creditors but also the creditworthiness of the creditors - he chose to disallow a part of the loan without bringing on record any material to show that the assessee had any other source of income which could have been routed in the from of loan given by a third party – Held that:- Creditors have explained the source of their deposits which in effect means that the sources were explained by the creditors. The AO has not pointed out how the explanation is not convincing and merely proceeded to invoke provisions of section 68 of the Act, that too for a part of the loan - initial onus placed upon the assessee stood discharged - appeal of the assessee is allowed
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