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2013 (12) TMI 132 - ITAT MUMBAILoans taken - Held that:- The AO should have made proper inquiries to satisfy himself regarding the genuineness of the creditors etc - The AO should have asked the assessee to furnish the required details such as PAN number etc. of the creditors and secondly he himself could have summoned the records and in case of need the creditors by issuing summons under section 131 - The issue was restored for fresh decision. Interest on laons taken - Held that:- The assessee had submitted the necessary details to the AO regarding the interest payment which in fact was relating to the loans taken in the past and not during the relevant year - Decided against Revenue. Cash deposit - Held that:- The Bank account of the assesee was forming the part of the regular books of the account maintained by the assessee - The cash deposits were sufficiently explained and also tallied with the books of accounts of the assessee - Decided against Revenue.
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