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2010 (5) TMI 853 - AT - Income TaxAddition u/s 68 - amount introduced under the head “unsecured loan” from various parties - HELD THAT:- The Learned CIT(A) on appreciation of entire facts noticed that the amount was received by account payee cheques. These were repaid by account payee cheques. The loans were taken in the previous year relevant to the assessment year under appeal and the same were paid in the said financial year. The mere fact that prior to issue of cheque, there is some cash deposit, in our opinion, this alone is no ground to make the addition u/s 68. We found considerable force in submissions made by the ld. counsel of the assessee that the addition of ₹ 10,00,000/- was made on doubt and suspicion and the Learned CIT(A) has given cogent reason for deleting the same. We, therefore, incline to uphold the order of Learned CIT(A). In the result, the appeal filed by the Revenue is dismissed.
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