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2014 (6) TMI 286 - AT - Income TaxRestriction of addition u/s 68 of the Act Unexplained cash credit Held that:- The AO has given a finding that in all the cases the cash has been deposited one or two days before issuing the cheques and has suspected about the authenticity of the explanation given by the assessee - CIT(A) was of the view that out of 17 creditors, either appeared before the AO in remand proceedings and confirmed the loan to the assessee - all the creditors have enclosed their balance-sheet along with return of income reflecting capital - loan was received by cheque and has also been returned through banking channel. When full particulars, inclusive of the confirmation with name, address and PAN Number, copy of the Income Tax Returns, balance sheet, profit and loss accounts and computation of the total income in respect of all the creditors/lender were furnished and when it has been found that the loans were received through cheques and the loan account were duly reflected in the balance sheet, the AO was not justified in making the addition These finding of CIT(A) has not been controverted by the Revenue by placing any material on record there was no infirmity of the orders of CIT(A) Decided against Revenue.
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