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2023 (4) TMI 1282 - ITAT DELHIAddition u/s 68 - identity of the creditor, the genuineness of the loan transaction and the creditworthiness of the creditor by furnishing documentary evidences not proved - HELD THAT:- Undisputedly, the assessee has failed to furnish PAN details, address proof, loan confirmation, ITR copy of the lender. It is also a fact that the name of the concerned lender has been struck off in the records of ROC. Therefore, there is serious doubt regarding the existence of the lender company. The assessee has also failed to prove the creditworthiness of the lender coupled with genuineness of the transaction. That being the case, the unsecured loan availed of Rs. 14,00,000 remains unexplained. Therefore, the addition made under Section 68 of the Act, in my view, is justified. As regards, the alternative contention of the assessee that nonrepayment of loan will amount to cessation of liability, find the said submission preposterous. Once, there is serious doubt regarding the genuineness of the loan transaction and creditworthiness of the creditor, it is not understood how it can be treated as cessation of liability when the liability itself is non-genuine. Assessee appeal dismissed.
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