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2016 (12) TMI 1795 - ITAT MUMBAIUnexplained cash credit u/s 68 - Addition merely on the ground that the assessee has not furnished the loan confirmation from the above parties, whereas as per learned AR, no such confirmation was asked by AO during assessment proceedings - HELD THAT:- We found that these loans have been repaid in subsequent accounting year 2007-08. The assessee has also filed copies of ledger account of above three parties. The assessee has also filed the copies of bank statements of the assessee wherein these loans are received, the copies of bank statements of assessee's account in ICICI Bank wherein these payments are reflected and a statement of name and address of these parries. By filing all these documentary evidences, the assessee had discharged its primary onus. However, even after furnishing all these details, the AO failed to issue notice to above parties u/s.133(6). We restore the matter back to the file of the AO with a direction to the AO to issue 133(6) to the concerned creditor to find out their genuineness and for obtaining their confirmation. Accordingly, AO is to decide the issue afresh after giving due opportunity to the assessee. Appeal of the assessee is allowed for statistical purposes.
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