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2014 (9) TMI 1109 - HC - Income TaxUnexplained loan - Held that:- If the addition was to be made that might have been made in the hands of Shri Anand Mohan Shukla, but certainly, not in the hands of the assessee. When it is so, then we accept the loan advance by Anand Mohan Shukla for a sum of ₹ 1,13,000/- as genuine loan. Remaining loan amount is very meager so the same is also accepted as genuine. In view of the above, we accept the loan of ₹ 1,70,000/- as a genuine and accordingly, delete the addition. For the purpose, all the impugned orders are hereby set aside.The answer to the substantial question of law is in favour of the assessee and against the Department.
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