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2019 (2) TMI 1998 - AT - Income TaxAddition u/s.68 towards unexplained cash credit - case of the assessee was selected for scrutiny under CASS and statutory notices were duly served upon the assessee - HELD THAT:- The undisputed facts are that the assessee filed copies of confirmations, ledger accounts, bank statements, ITRs, PANs and audited balance sheets and profit and loss accounts in respect of these three parties who lent money to the assessee. The authorities below have only relied on statement of Shri Pravin Kumar Jain that said he and related entities were engaged in providing accommodation entries of which the assessee was one of the beneficiaries without having brought anything to disbelieve and disprove various documents filed by the assessee. The assessee has filed necessary proofs and documents supporting the borrowings of money and repayment thereof. Under these circumstance, we are not in agreement with the conclusion given by learned CIT(A). Accordingly, by respectfully following the decision of Shreedham Builders [2018 (6) TMI 1282 - ITAT MUMBAI ] we allow the appeal of the assessee.
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