Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 1533 - AT - Income TaxUnexplained deposits - Held that:- The said transaction is a normal business transaction of hire purchase of a vehicle - The payment was received from one in instalments against the hire purchase agreement, which was furnished by the assessee - A further sum was also received from two parties for purchase of vehicle but the transaction could not be materialed - The amount was returned through account payee cheque - The above transactions were duly confirmed by the persons, their income tax returns and bank statements were also filed by the assessee - Decided against the Revenue. Unexplained capital addition - Held that:- The capital has been introduced by way of loan from partners and gift received - Only confirmation from lenders/ donors will not be a sufficient proof of the transactions - It is the onus of the assessee to prove the genuineness of the capital introduced in the firm - The creditworthiness of the lenders/ donor has not been properly examined - The issue has been restored for fresh adjudication by AO.
|