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2018 (5) TMI 1744 - AT - Income TaxAddition u/s 68 - Assessments u/s 153A - addition on account of loan shown to have been received by the assessee from PTU - Held that:- In view of section 68, where any sum is found credited in the books of the assessee for any previous year the same may be charged to income-tax as the income of the assessee of that previous year if the explanation offered by the assessee about the nature and source thereof is, in the opinion of the Assessing Officer, not satisfactory. In view of the factual and legal position discussed above, it is crystal clear that PTU provided only accommodation entries to the assessee in the garb of unsecured loan of ₹ 1 crore which, in our considered opinion, has been rightly added by the authorities below. We, therefore, countenance the impugned order on this score.
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