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2018 (12) TMI 1616 - ITAT MUMBAIAddition u/s 68 - unsecured loans taken during the year - disallowing interest paid during the year on unsecured loans - HELD THAT:- As decided in assessee's own case [2018 (11) TMI 133 - ITAT MUMBAI] relying on Golden Remedies P. Ltd. (2007 (10) TMI 433 - ITAT DELHI) held that where the loans were accepted through account payee cheques and had been repaid through account payee cheques, which were also confirmed by the parties and the assessee has also produced bank account and PAN of each party to support his case, the AO is not justified in treating the transactions as non genuine and no addition can be made under Section 68 of the Act. Thus we are inclined to set aside the order of the CIT(A) by holding that the assessee has duly discharged the its onus by filing the necessary evidences before the authorities below and therefore addition by the AO u/s 68 of the Act is ordered to be deleted. - Decided in favour of assessee.
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