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2016 (2) TMI 1129 - AT - Income TaxAddition u/s 68 - Held that:- From the e facts and figures not only the source of investments but the source of source has also been established. All the three ingredients required for fulfillment of provisions of section 68 of the Act are met and therefore, the ld. CIT(A) has rightly deleted the addition made by the AO u/s 68 of the Act. - Decided in favour of assessee. Addition u/s 68 of the Act on account of loan from M/s. Golden Laminates Ltd - Held that:- The assessee had received a total loan of ₹ 255 lacs from M/s. Golden Laminates Ltd., and the assessee had filed a confirmation from the M/s. Golden Laminates Ltd., regarding advancing a loan of ₹ 255 lacs by them and in the confirmation the date, cheque no. and other relevant information alongwith company’s PAN was also filed. The AO had accepted the loan of ₹ 1.05 crore as genuine and he has rejected the loan of ₹ 1.20 crore on the plea that the same does not appear in the bank statement of M/s. Golden Laminates Ltd., whereas the ld. CIT(A) has made a finding of fact that the source of this ₹ 1.20 crore was from HDFC Bank and the ld. CIT(A) had also forwarded a copy of Bank Account of HDFC to AO for his comments. The AO in the remand report has not objected to the documents and has requested the ld. CIT(A) to consider the case while disposing of the appeal. The ld. CIT(A) has further made a finding of fact that in the statement of HDFC, all the entries relating to advancing of loan of ₹ 1.20 crores to assessee do appear. - Decided against revenue
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