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2015 (6) TMI 485 - AT - Income TaxAddition under section 68 - CIT(A) deleted the addition - Held that:- As could be seen from the confirmation from the director of the lender company confirmed that lender has advanced loan of ₹ 50,00,000/- to the assessee through RTGS, out of which ₹ 25,00,000/- was repaid through demand draft by the assessee and they are assessed to income-tax department and PAN details were also provided. In the confirmation new address of the lender was also provided. The lender company also provided its bank account establishing that loan was transferred through RTGS. All these go to show that lender has advanced monies through RTGS to the assessee and the assessee in fact repaid half of the loan to the lender company. It is not in dispute that assessee has not provided confirmations in the course of assessment proceedings. In fact, Assessing Officer has given a finding that assessee also provided confirmation letters from the creditors including M/s. Aditicon Services India Pvt. Ltd. This confirmation letter was not placed before the lower authorities where the lender has given new address. Therefore, subject to verification of the Assessing Officer, as to whether the lender is operating from the said address and this confirmation letter is given by one of the directors of the lender, we uphold the order of the CIT (Appeals) treating the loan transactions as genuine, the identity of the creditor is proved and creditworthiness of the assessee is established as the transaction was routed through banking channels. - Decided partly in favour of revenue for statistical purposes.
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