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2017 (11) TMI 1659 - AT - Income TaxUnexplained cash credit u/s.68/69A - Reopening of assessment - Held that:- So far as reopening is concerned found that AO has sufficient reason to belief that income had escaped assessment to the extent of loan amount. Accordingly, ground No.1 is dismissed. From the record as found that to substantiate the loan transaction, assessee had not only submitted loan confirmation but also bank statement to show the receipt of loan as well as repayment of the said loan. As per the document placed on record i.e., loan confirmation, FTR copy, bank statement, balance sheet of the Creditor, found that all the three conditions of identity, genuineness and credit worthiness of loan creditor are fully established. This loan was also repaid through cheque which the AO himself had verified and found the same in order. No merit in the addition so made. - Decided partly in favour of assessee
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