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2012 (12) TMI 443 - ITAT MUMBAIAddition u/s 68 – Assessee had accepted loans in preceding years from husband and sister-in-law – Held that:- As the CIT(A) gone into each credit entry along with the history of each donor and lender along with their capacity, which according to us also, cannot be questioned. From the facts of the case loan taken in the preceding years could not be added u/s 68A. - Apropos the three limbs to invite the mischief of Sec. 68, i.e. creditworthiness, capacity and genuineness of the transactions, cannot be questioned, because the transaction is within the family and no outsider is involved and who have substantial capacity and creditworthiness to give gifts and/or loans. Appeal decides in favour of assessee
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