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2014 (7) TMI 334 - AT - Income TaxAddition u/s 68 of the Act – Unsecured loan - Creditworthiness of the transactions not proves – Held that:- CIT(A) was rightly of the view that the addition has noted that before AO, Shri Ronak Trivedi the partner of Kesha Developers has informed that he was not filling his return of income and neither could he inform about the source of loan of ₹ 31,00,000/- extended to the Assessee - Kesha construction was left with very meager balances after lending the amount to the Assessee and Kesha Developer was not found existing in the PAN Data Base of the Income-tax Department - Kesha Construction and the Assessee firm were having same set as partners - nothing has been brought on record by the Assessee to contradict the findings of AO and CIT(A) – thus, there was no reason to interfere with the order of CIT(A) – Decided against Assessee.
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