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2012 (8) TMI 798 - HC - Income TaxAddition u/s 68 - unexplained loan credit from M/s C and M/s A - part of transaction with M/s C held genuine and addition made deleted, other part sustained - confirmation with identity was not presumed sufficient compliance - Held that:- In respect of amount of Rs.2 lacs from M/s A, it is found that confirmation was available with signatures of the partners and PAN. In DCIT v. Rohini Builders (2001 (3) TMI 9 - GUJARAT HIGH COURT), it has been held that identity of creditor could be proved from PAN. As far as loan from M/s C was concerned, the Tribunal has rightly observed that Rs.1,50,000/- was part of the same total amount which was considered for deleting the addition u/s 68. When two amounts belonged to the same transaction, and in respect of one part, the confirmation was available from PAN and the statement of account filed by the very party, the creditworthiness and genuineness of the whole transaction could have been considered from those documents. Appeal of revenue dismissed.
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