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2018 (5) TMI 2129 - AT - Income TaxAddition u/s 68 - Unexplained loan - unexplained cash credit - assessee failed to prove the identity and creditworthiness of the lender - CIT- A deleted the addition - HELD THAT:- In this case assessing officer has despite noting that there were overwhelming evidence that the amount of loan claimed by the assessee was received from bogus entity floated by Bhanwarlal Jain group did not bother to issue any notice whatsoever to the lender in this case. Thereafter, after committing this fatal error, the assessing officer proceeded to refer to the case of Bhanwarlal Jain group and reject the assessee's contention. Upon assessee's appeal, CIT (Appeals) has referred to all the evidences regarding the loan submitted by the assessee which included confirmation from the lender. Thereafter the ld. Commissioner of Income Tax (Appeals) has also referred to Hon’ble Bombay High Court decision in this regard. When all the relevant details and evidences were filed by the assessee and the assessing officer has made no effort whatsoever to examine the lender, there is no infirmity in the order of the ld. Commissioner of Income Tax (Appeals). Accordingly, we confirm the same. Appeal by the Revenue stands dismissed.
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