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2015 (7) TMI 1381 - AT - Income TaxAdditions u/s 68 on account of unsecured loan - HELD THAT:- In the case of loan from Champa Lal Baid, the assessee has filed a copy of the acknowledgment of return, copy of the bank statement of assessee as well as affidavit. The TDS on interest has also been deducted. This person has issued a cheque from the bank account. The immediate source of cheque is receipt of cheques stated to be receipt of loan from another party - Thus this sum cannot be added to the income of the assessee because the depositor is a regular Income-tax assessee. The money was deposited in cheques in his bank and the Revenue cannot investigate the source of source. The second loan was taken from Shri Parkash Joshi onus to prove the creditworthiness of depositor was on the assessee which has not been properly discharged. In this background, in our opinion, the loan from Shri Parkash Joshi cannot be accepted. Similarly in respect of loan from Shri Chandra Kanta Joshi, if the loan of ₹ 5 lakhs from Shri Champa Lal Baid should have been accepted and other two loans are required to be added to the income of the assessee. We uphold the order of Ld. CIT(A) in respect of Parkash Joshi and Shri Chandra Kanta Joshi and confirm the addition on account of loan for ₹ 2,50,000/- each. However, we set aside the order of Ld. CIT(A) partly by deleing the addition in the case of Champa Lal Baid. Assessee appeal is partly allowed.
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