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2015 (2) TMI 214 - ALLAHABAD HIGH COURTUnaccounted cash credits - Held that:- From the record, it appears that assessee has claimed that ₹ 3.90 lacs was taken from family members to purchase the plot in Delhi, but the deal was not finalized so, the assessee was returning to Bareilly along-with cash. It also appears that all the creditors have shown the entries in their books of account, a few of them have given a meager amount for which no entry was made out. The order of the custom authorities was not before the CIT (A), who has wrongly observed that the assessee was engaged in the business of gold, especially when the custom authorities have observed (supra) that the assessee was not involved in the business of gold then the statement given by the assessee as well as Driver cannot be relied upon. Regarding creditworthiness of the creditors, it appears that either the amount was meager or the same was shown in the books of accounts. No attempt was made by the Department to verify/examine the creditors. The identity of the creditors has been established. From family members, loan for petty amount can be taken in cash. Hence, it appears that the creditors were genuine - Decided in favour of assessee.
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