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2012 (4) TMI 420 - HC - Income TaxAddition made on loan amount disclosed in the cash flow statement - Tribunal reversing the order of the first appellate authority and confirming that of the Assessing Officer – Held that:- The mere production of confirmation letters does not discharge the liability of the assessee to offer satisfactory explanation for the loan receipts - the production of such material cannot lead either to a conclusion that the Assessing Officer has to discredit the same or call for further details in the event of non-satisfaction –assessee contented with the production of confirmation letters without any further material regarding the identity, status or capacity of the creditors or even the dates on which the said loans were said to be made - against assessee.
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