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2018 (11) TMI 1776 - AT - Income TaxUnexplained cash credit u/s.68 - genuineness of the transaction - HELD THAT:- All the transactions are through cheque and reflected in the bank statement, copy of account and supported by affidavit of the lendor, therefore, we are of the considered opinion that CIT(A) was not justified in confirming the such addition without allowing cross examination to rebut the averments made in the affidavit. In case of Ranchodbhai J. Natwa [2012 (5) TMI 186 - GUJARAT HIGH COURT ]has held that where lendors of the assessee are Income Tax Assessee’s whose PAN have been disclosed to AO cannot ask assessee further prove genuineness of the transaction without first verifying such facts from Income Tax Return. Further, when the amount has been re-paid back which has been accepted by the AO, then no adverse view can be taken as held by the Hon'ble Gujarat High Court in the case of CIT vs. Ayachi [2013 (12) TMI 372 - GUJARAT HIGH COURT]. In view of these facts, the addition together with interest is therefore directed to be deleted. - Decided in favour of assessee.
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