Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2003 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2003 (12) TMI 18 - HC - Income TaxGenuineness of the cash credits – explanation - 1. Whether Tribunal was correct in in sustaining the addition of Rs. 3,00,000 made by the Assessing Officer under section 68 on account of alleged unexplained loan of Rs. 1 lakh each in the names of S/Shri Mahavir Prasad, Banwari Lal and Subhash Kumar Parekh and sustaining the disallowance of Rs. 41,200 being the interest on the aforesaid loans? Tribunal has come to the conclusion that the explanation furnished by the assessee is not satisfactory, inasmuch as, the three creditors were persons of small means; there was no evidence of the availability of the amount of Rs. 3 lakhs with them on the dates of the deposit with the assessee - findings of the Tribunal being based on cogent material, no question of law, much less a substantial question of law arises from the impugned order
|