Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (7) TMI 1385 - RAJASTHAN HIGH COURTAddition u/s 68 - unsecured loans from various persons - not only the identity was established but the genuineness and creditworthiness of the creditors were well proved as said by CIT-A and ITAT - Held that:- It is an admitted fact that all the cash creditors have not only placed on record the entire material but have also affirmed in their examination that they had advanced money to the assessee from their own respective bank accounts and when even the AO finds only minor discrepancies in the statements recorded but as found that the money came from the respective bank accounts of the creditors, then we are in conformity with the order passed by the Tribunal There is no evidence as alleged by the AO that the money actually belonged to none but he assessee himself. The said finding if any is based on mere suspicion. In view of what we have noticed hereinbefore, the finding by the learned Tribunal is essentially a finding of fact based on the material on record after appreciation of evidence and in our view, no question of law much less substantial question of law can be said to arise out of the order passed by the Tribunal so as to call for interference of this Court. - Decided against revenue
|