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2014 (9) TMI 1175 - AT - Income TaxUnexplained cash credit u/s 68 - Held that:- A perusal of the paper book as filed by the assessee shows that the assessee has provided Permanent Account Numbers and the confirmation of the loans by all the loan creditors. A perusal of the paper book clearly shows that all the creditors are assessed to income tax and they have filed their returns of income for the assessment year 2006-07 in March, 2007. The assessment in the case of the assessee has been initiated only after March, 2007, so obviously it cannot be assumed that the returns had been filed by the creditors after the initiation of the assessment proceedings in the case of the assessee. A perusal of the paper book clearly shows that the return acknowledgment, computation of income along with the Capital A/c. and the affidavits of the creditors were before the Assessing Officer. This fact being undisputed clearly the decision in the case of Dataware Private Limited [2011 (9) TMI 175 - CALCUTTA HIGH COURT] squarely applicable on the facts of the assessee’s case. - Decided in favour of assessee.
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