2012 (11) TMI 938 - AT - Income Tax

Addition u/s 68 - creditworthiness of the parties who advanced the loans – Held that:- CIT(A) deleted the addition on the ground that genuineness is not doubted by the AO - it is not known as to why a housewife will take a loan from somebody or even from her brother, just in order to advance loan to the assessee and why she takes so much of risk when this investment is not safe - findings of the AO show that he has doubted the genuineness of the transactions, therefore, the observations of the CIT(A) that the AO has not doubted the genuineness of the transactions are not proper - CIT(A) without considering the issue properly, deleted the addition made by the AO – matter remanded to AO