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2013 (5) TMI 608 - AT - Income TaxUnaccounted loan transactions of Rs.2,00,000/- - Held that:- The assessee explained that there is clerical mistake whereas the fact is that the loan was given on 02.12.2005 through banking channel. This fact is supported by an affidavit of depositor and her bank account. On perusal of bank account, the assessee has proved the creditworthiness of depositor as there was sufficient bank balance out of which the loan was given. The identity and genuineness of the transactions are also proved. Thus, the assessee discharged the burden in this regard. Under the circumstances, addition of Rs.2,00,000/- is not warranted. Therefore, the same is deleted. In favour of assessee. Unsecured loan of Rs.5,09,000/- - CIT(A) deleted the part amount - Held that:- As the assessee has furnished sufficient material to discharge burden in this regard, identity, creditworthiness and genuineness of the transactions including bank balances out of which loans were given. Under the circumstances, the addition of Rs.5,09,000/- sustained by the CIT(A) is not warranted, therefore, the same is deleted. In favour of assessee.
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