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2012 (11) TMI 836 - AT - Income TaxAddition under section 68 of the income tax act – Held that:- Loans which are not explainable, can be treated as income of the appellant – assessee submitted that loan creditors are minors and it was only the guardians, who could explain entries in the bank statement - AO, after examining the guardians of the minor children from whom the assessee stated to have been received the impugned loans, found that the said ladies could not explain the sources of cash deposits of Rs. 1,20,000/- in the bank account - AO treated the said amounts as unexplained and made addition of the same u/s 68 of the Act. We find no infirmity in the order of the CIT(A) in confirming the addition made by the AO and the same is hereby upheld – in favor of revenue
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