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2014 (8) TMI 65 - ITAT LUCKNOWUnexplained loan u/s 68 – Interest paid on loan – Held that:- CIT(A) has considered the remand report of the AO - the explanation given by the assessee along with confirmed copy of accounts and respective bank statement is prima-facie in order – the parties are assessed to tax - on the basis of the findings, he has come to the conclusion that under these facts, no addition can be made u/s 68 or 69 of the Act - regarding the advance given to M/s Yog International Pvt. Ltd. and M/s Oil Emporium (Proprietorship concern), it is noted by the CIT (A) that the advances were given by the assessee in his individual capacity whereas the borrowed funds were utilized in his proprietorship concern - there is no nexus between the borrowed funds and the advances given – thus, the order of the CIT(A) is upheld – Decided against Revenue. Unexplained jewellery found – Held that:- The addition have been deleted by CIT(A) on the basis of receipt of jewellery as per WILL of late Mama of the assessee Shri Shyam Lal Garg - the notarized copy of Will and a few marriage photographs have also been filed and placed on record - The second addition was deleted by CIT(A) on the basis that the addition is made in the hands of the assessee on protective basis and the same was added on substantive basis in the hands of the wife of the assessee Smt. Sneh Lata Gupta - the Will of Mama of the assessee Shri Shyam Lal Garg was produced before the AO - the Will was rejected by the AO on suspicion alone without giving any concrete reason - Decided against Revenue. Unexplained agricultural income – Bonafide of agricultural operations not proved – Held that:- The assessee has submitted six yearly "Khatauni" regarding land holding of the assessee, it is noted by CIT (A) that the assessee owns land of about 4.89 hectare - the assessee owns a tractor which is exclusively used for the purpose of carrying on agricultural activities - the agricultural income has also been accepted by the Department from year to year – order of the CIT(A) is upheld – Decided against Revenue.
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