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2013 (9) TMI 42 - AT - Income TaxUnexplained income u/s 68 - Receipt of loan - Held that:- assessment orders did not indicate any substantial evidence which establish the fact that creditors of the present case were part of the scam which was unearthed during the course of search operation in the case of Manoj Aggarwal, Bishan Chand Aggarwal, Mukesh Kumar and others. Therefore, on the basis of admission made by Manoj Aggarwal in his case (in Manoj Aggarwal's own search case) cannot be used to borrow this view that the creditworthiness of the creditors of the present case who provided loan to the assessee of the present case, i.e., Shri Rajiv Kumar Aggarwal and Shri Bharat Bhushan Bansal could not be established by the assessee. Assessee has discharged the burden which lay upon him and further, the assessee could not do anything. Hence, the addition made by the Assessing Officer in both relevant years cannot be sustained as we have already noted that the identity and creditworthiness of both these loan creditors was established in the form of said documents, i.e., copies of permanent account number card, ration card, income-tax assessment orders of the relevant years and also wealth tax assessment orders - as the transactions of receiving and returning of loan have been routed through bank accounts, the genuineness of the transaction is also established - assessee established the genuineness of the transaction and the identity creditworthiness of the alleged creditors - addition made by the Assessing Officer in both assessment years is without any basis and it was merely based on surmises and conjectures, without bringing any adverse material on record - Decided in favour of assessee
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