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2015 (3) TMI 61 - AT - Income TaxBogus loan transaction - difference between interest received and interest paid by the assessee to sister concerns - CIT(A) deleted the addition - Held that:- Loan transactions have been carried out through account payee cheques and the same has been duly recorded in the books of account. The receipt and the payment of interest has also been recorded in the books of account. It is not disputed that the assesee is engaged in the business in dispute from the last and subsequent years and for that proof the assessee has filed the assessment order passed by the AO under section 143(3) of the I.T. Act for the asstt. years 2005- 06, 2006-07 and 2008-09 in which no such disallowance has been made by the Revenue Authorities. Even otherwise, the Revenue has not produced any documentary evidence establishing that the business of the assessee is not genuine and the transactions is also sham. Thus CIT(A) has passed a well reasoned order on the basis of the assessment orders passed u/s. 143(3) of the Act for the previous as well as in the subsequent assessment years, wherein no such disallowance has been made by the Revenue Authorities. - Decided against revenue.
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