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2012 (10) TMI 464 - RAJASTHAN HIGH COURTUnexplained cash credits – Held that:- assessee has discharged the burden that lay on him, then it could not be said that such a conclusion was unreasonable or perverse or based on no evidence - mere non-appearance of eight other persons in response to the notice given by the AO, by itself cannot be a reason to discard their version particularly when one of them had appeared and admitted advancement of loan. Even if others have subsequently filed their confirmations supported by their affidavits, it cannot be assumed that they would not have made same statements, if they had appeared in response to the notice issued by the AO. AO was required to have examined those confirmations and the contents of the affidavits on their merits treating as if they were statements given to him - there was no reason to doubt correctness of the claimed cash credit taken from the creditors - in favour of the assessee - appeal dismissed
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