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2013 (2) TMI 527 - HC - Income TaxUnexplained Cash Credit – AO found that the amount was credited in the account of assessee - Assessee contended that he had taken temporary loan from friends and relatives abroad for the purpose of filing immigration application for L1 visa for USA – Held that:- Confirmation of the cash credits of eight persons were submitted - As per e-mail under question, the appellant's son Shri Janak Patel informed his father about collection of US $ 67260 from the different persons who have credited the same in his bank account at USA - The assessing officer has also admitted that the confirmations letters were filed before him on 29.10.2003 but the same were not accepted by him due the reasons that they were not notarized – However, at the remand report stage, the assessing officer has accepted that later on notarized confirmations were received by him from the appellant. Since the notarized confirmations have been received by the assessing officer as required by him and as he has not given any adverse comments on the same in the remand report, the same is acceptable. AO was directed to accept the credits as stated in notarized confirmation letters, after proper verification of the same from the bank statements - Assessee had established the necessary ingredients for the cash credit received and notably before the CIT(Appeals) the assessee had produced notarized confirmation which was also sent to the Assessing Officer and remand report was called for – Assessee's case was found acceptable – Against the revenue.
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