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2015 (2) TMI 978 - AT - Income TaxUnaccounted cash credits - unsecured loans - AO noted that assessee has shown new unsecured loans amounting to ₹ 30,56,500 out of which loans amounting to ₹ 19,56,000 were introduced from persons specified under section 40A(2)(b) - CIT(A)deleted part addition - Held that:- If the Assessing Officer has suspicion that commodity profit was not genuine in the hands of various family members, the same could have been added in their assessments by reopening the same but the same cannot be assessed in the hands of the assessee because such persons have confirmed the transactions of loans and has filed the relevant papers. Therefore, in our opinion the view taken in the case of Seva Ram v. ITO (2015 (2) TMI 935 - ITAT CHANDIGARH) is squarely applicable in this case also and we decide the issue in favour of the assessee.
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