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2015 (7) TMI 171 - ITAT HYDERABADUnexplained investment - blank cheques found during the search - AO had concluded that the appellant is engaged in money lending business - Held that:- All the persons have confirmed that cheques have been handed over to the appellant only as a measure of security for supply of scrap or for the purpose of obtaining the loan, but all of them have denied having obtained any loan from the appellant. The statements given by those people remains uncontroverted. Though the AO is justified in entertaining doubt that the appellant is engaged in the business of money lending and the cheques have been obtained, only after the amounts were advanced since in the absence of any positive evidence in support of the appellant having lent money to the above persons, we are not in a position to confirm the addition. Accordingly, the additions are deleted - Decided in favour of assessee. Deduction u/s. 80U - Held that:- As the claim was withdrawn before the AO and therefore, the CIT(A) is perfectly justified in rejecting the claim of the appellant. Hence, this ground of appeal is dismissed.- Decided against assessee.
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