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2013 (6) TMI 626 - AT - Income TaxUnexplained cash credit - CIT(A) deleted the addition - Held that:- As assessee has furnished the bank statements of the lenders. From these statements it was established that the lenders had adequate bank balance to grant the loan to the assessee. The lenders were also income tax assessee. Thus agreeing with CIT(A) that assessee has been able to establish that the transaction with the creditors are genuine and the identities and credit worthiness have been established. In favour of assessee. CIT(A) annulled the assessment on relying on assessee's version that notice u/s 143(2) was not served - Held that:- As already dealt with the merits in the case by CIT (A) on the issue that the sum of Rs. 28,00,000/- was not liable to be added to the income of the assessee as unexplained credit u/s 68. Hence, this issue of lack of notice u/s 143(2) is now of only academic interest.
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