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2017 (9) TMI 1811 - AT - Income TaxAddition on account of unsecured loans u/s 68 - whether assessee brought on record all material and evidences to prove the identity and creditworthiness of the lenders and genuineness of the transaction? - HELD THAT:- After perusing the assessment records, appellate order and the Remand Report, it is apparent that the lenders of funds have not, at any stage, discharged their onus in furnishing documentary evidence in respect of cash deposits made in their accounts and against which loans were advanced to the assessee - the creditworthiness of the lenders and the genuineness of the transaction is not clear. The lenders who were summoned by the AO have not submitted their Income Tax Returns. CIT(A) has rightly confirmed the addition in dispute made by the AO u/s. 68 which does not need any interference on our part - Decided against assessee Denying exemption u/s. 10(23C)(iiiad) - excess of income over expenditure has been shown - as alleged gross receipts of the society are exceeding Rs. One crore and the society has not taken prior approval from the Ld. CCIT - HELD THAT:- A notice was issued and assessee society was asked to show cause as to why the exemption claimed u/s 10 23C)(iiiad) should not be withdrawn and excess of income over expenditure should not taxed as per the provisions of Income Tax Act as the gross receipts of the society are exceeding Rs. One crore and the society has not taken prior approval from the Ld. CCIT, Panchkula u/s 10(23C) (vi) which is mandatory for claiming exemption. In response, the society filed its written reply stating therein that receipt of our school should be kept at ₹ 72,28,383/- which is prescribed limit explained in section 10(23c)(iiiad). This contention of the assessee is not genuine because, the gross annual receipts of the society exceeding Rs. One crore and society has not taken prior approval from the CCIT, Panchkula, Therefore, the society is not eligible for exemption u/s. 10(23C)(iiiad) - Decided against assessee.
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