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2015 (2) TMI 935 - AT - Income TaxUnaccounted cash credit - addition u/s 68 made by observing that commodity profit earned by eight family members is income from undisclosed sources of the assessee - Held that:- When loans have been taken from the family members and which have been routed through bank by most of such family members, they cannot be added as cash credits unless it is found as a fact that such bank accounts are benami of the assessee. In case before us, it cannot be alleged that bank account of various family members are benami of the assessee because loans have been taken from such family members for last many years and which have been shown as opening balance and have been accepted by the Department. We would like to point out that it was strongly contended by the ld. counsel of the assessee that similar profits were received by the same family members in the earlier years, therefore, even in this year without pointing out any defect in such amounts or without recording the finding of such profit was bogus, same could not have been addedto the income of the assessee. Thus additions deleted - Decided in favour of assessee. Unaccounted loan - CIT(A) confirmed addition on amount received from Shri Vijay Kumar s/o of the Proprietor, despite confirmation and source of source of Shri Vijay Kumar explained during the course of assessment - Held that:- Burden casted on the assessee to prove the identity of creditor, genuineness of the transaction and credit worthiness of the person giving loan, is proved then such loans should have been accepted. Therefore, the addition is not justified and accordingly we set aside the order of the ld. CIT(A) and delete the addition. - Decided in favour of assessee.
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