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2017 (8) TMI 1549 - ITAT MUMBAIAddition u/s 68 - addition under the heading loan as cash credit - HELD THAT:- Assessee placed on record the evidence as well as copy of income-tax returns of the loan creditor, ROC filings, Boards Resolutions of investor companies, bank statement of investors from where loan money was received by appellant company etc. Revenue has all the power and ability to trace the person. AO ought to have issued notice u/s 133(6) or summons u/s 131 to share applicant companies to substantiate his findings in respect of bank account discrepancy at third and fourth level before drawing conclusions. Merely because the AO has not fulfilled his duty to show how the companies are bogus or their relationship with Shri Pravin Kumar Jam, addition u/s 68 cannot be justified in hands of the appellant. Appellant has indeed proven the genuineness of the loan creditors. Accordingly the addition made by the AO under section 68 of the Act cannot be sustained. - Decided in favour of assessee.
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