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2018 (10) TMI 1716 - AT - Income TaxUnexplained cash credit - HELD THAT:- All that the assessee has submitted is that the lenders have categorically confirmed the fact of giving loans, and, for that reason, these credits should be held to be genuine. As regards the alleged gift and accumulated past savings learned counsel has mainly placed reliance on the contentions before the authorities below and reiterated the same.None of these submissions make much sense. As regards the alleged gift and alleged borrowings from friends and relatives see no reasons to deviate from the well reasoned findings of the CIT(A) which have remained uncontroverted. Approve the same. However, as regards the claim as accumulated savings and agricultural income, it is of the view that since the assessee was having some agricultural income, an amount of ₹ 5,00,000/- can at best be treated as explained. To this extent, uphold the plea of the assessee. Uphold the part addition to the extent to the extent of ₹ 13,26,730/- and delete the addition to the extent of ₹ 5,00,000/-. - Decided partly in favour of assessee partly.
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