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2010 (1) TMI 879 - AT - Income TaxUndisclosed income - cash credit treated as income - Bank statements and other documents indicate that the assessee cannot be subjected to tax either under section 68 or under section 69 as the amount stood utilized by the account holder - No corroborative material has been placed on record to establish that lender/borrower may be temporarily or only accommodating be in collusion to hoodwink the Income Tax department - assessee cannot be revisited for explaining either a cash credit or unexplained investment in the assessment year, loan creditor confirms having given loan – Held that:- no further verification required by the AO under section 68 and having repaid the same by cheque duly accepted by the lender in a subsequent assessment requires no further probe under section 69. The assessee therefore cannot be subjected to tax, appeal by the assessee succeeds and is allowed.
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