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2013 (9) TMI 975 - ALLAHABAD HIGH COURTAddition u/s 68 of the Income Tax Act - Assessee-firm has not explained these credits and, therefore, the amount was added as unexplained credit – Held that:- Sri Dule Chand Pandey has sold the land to the assessee-firm. The amount of Rs.2,40,000/- was taken as a loan from Smt. Shyam Kumari Dubey, who was regularly assessed to the income-tax. M/s. Dube Lands and Finance Ltd., was also regularly assessed to the income-tax. The said amount was duly reflected in their income-tax returns, as mentioned by the CIT(A). Necessary confirmation certificate was furnished before the appellate authority, who has asked the remand report from the AO. The AO has accepted the credits in the name of Sri Dule Chand Pandey, and Smt. Shyam Kumari Dubey. M/s. Dube Lands and Finance Ltd., has duly shown the amount in question in their books of accounts - No justification to make any addition – Decided against the Revenue.
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