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2013 (7) TMI 475 - AT - Income TaxUnexplained cash credit being loan taken by assessee - CIT(A) deleted the additions - CIT(A) deleted the interest amount paid on loans - Held that:- Amount of Rs 90 lakhs appears in the books of accounts of the the assessee as well as the Sreeji Corporation. It is also an undisputed fact that the impugned cash credit has been repaid by the assessee later in time. Further, it is a settled issue that the assessee is prevented from examining the issue of source of the source of Rs 90 lakhs in the assessee's case. Considering the above stated facts as well as the speaking order of the CIT (A), the decision of the CIT (A)upheld. Regarding the cash credit of Rs 80 lakhs PAN of the loan creditor is AAAHY3767N and the same is evident from the face of acknowledgement of the return of his income. AO merely suspect the loan transaction and otherwise, AO has no evidence against the assessee to conclude that the loan is not genuine as the said amount of Rs 80 Lakhs appears in the books of accounts of the assessee as well as the Sumati Corporation. It is also an undisputed fact that the impugned cash credit has been repaid by the assessee later in time. Further, it is a settled issue that the assessee is prevented from examining the issue of source of the source of Rs 80 lakhs in the assessee's case. The decision of the CIT (A) on this issue does not call for any interference. Claims of payment of interest on the said cash credits is merely consequential in nature as since the addition of cash credits are deleted assessee is entitled to the claim of interest paid to the loan creditors. In favour of assessee.
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