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2014 (3) TMI 326 - AT - Income TaxGenuineness of the Transaction - Creditworthiness of Dr Brijendra Singhal - Held that:- The loan of Rs. 8.00 lacs duly stands proved - The statement of the assessee recorded by the AO confirmed the loan - The statement who is brother-in-law of the assessee also confirmed the advance of the loan - There is a natural love and affection between such relations and at the behest, anybody like sister and brother-in-law would help in Indian society - mental condition of the father of the assessee was not good state and therefore, he was not aware of this loan. Dr Brijendra Singhal is a NRI and he has explained his source of income and he has also mentioned his bank account and his NRI account through which the amount is routed – there was no force in the revenue’s contention that why should the brother-in-law would give a loan of Rs. 8.00 lacs and would not demand it back – the amount of loan stand thoroughly proved on record and nothing more is required to prove this loan – Decided in favour of Assessee.
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