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2015 (6) TMI 711 - AT - Income TaxUnexplained cash credits u/s.68 - unsecured loans - Held that:- The Revenue strongly refers to the Assessing Officer’s findings. However, we tend to disagree with the same. The creditors’ bank statements maintained with the United Bank of India bearing no. 0521010049760 and 49757 duly proved these loan payments as well as repayments thereof. For instance, the assessee obtained sums of ₹ 4 lacs, ₹ 1 lac and ₹ 2,90,000/- on 27, 28 & 29th March, 2006; respectively. Thereafter, it transferred sums of ₹ 4 lacs and ₹ 3,90,000/- by the very banking channel in the account of Shri Meena/individual. Similarly, the HUF’s bank statement reveals the assessee to have obtained a sum of ₹ 4 lacs on 28.3.2006 and repaid the same on 28.6.2006. The Revenue is unable to controvert this factual position. It refers to the common address of the assessee as well as that of Shri Meena (supra). There is no quarrel about the same. However, the fact also remains that there can be any number of assessees under a single roof. This itself cannot be a ground to invoke section 68 of the Act in absence other corroborative factors. Be that as it may, once creditors’ identity, mode of payment and repayment, assessee’s books of accounts proved the impugned credit transactions, we do not find appropriate to look through the circumstances. The hon’ble jurisdictional high court in Pratapbhai Virjibhai Patel vs. ITO [2014 (3) TMI 152 - GUJARAT HIGH COURT] has upheld a co-ordinates bench order in ITO vs. Counter force [2010 (7) TMI 831 - ITAT AHMEDABAD] deleting a similar addition on the basis of repayment of the impugned credits and supportive ledger account. We reiterate that facts of the present case also do not seem different than those decided by their lordships. Thus when there is no dispute about identity of the creditors, their pan cards, copy of income tax returns, balance sheet, profit and loss accounts are on record along with their cross objections, such an addition does not hold ground. Thus we delete the impugned addition of unexplained cash credit u/s.68 amounting to ₹ 11,90,000/. - Decided in favour of assessee.
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