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2016 (4) TMI 36 - AT - Income TaxAddition of unsecured loans - Held that:- The appellant has filed confirmation, copy of PAN card, copy of bank statement, cheque nos., copy of passport with residence for UAE and affidavit explaining source of income and details of transactions. Identity of Shri Pankaj Kapoor is established by the name, address, PAN and confirmation. PAN is enough to prove the identity of a person. Genuineness of the transactions is also fully established by the fact that the transaction is duly confirmed by the creditor and the amount is received by Alc Payee cheques which are duly debited in the bank account of the creditor which has confirmed the same. As regards creditworthiness, it is very clear from the affidavit itself that Shri Pankaj Kapoor is deriving income from proprietorship business under the name and style Mls Oracle General Trading having its business address as - P. O. Box - 64834, Dubai, UAE. As also examined the bank account of the creditor with centurion bank of Punjab, Connaught Place, New Delhi which indicates debit of ₹ 50,00,000/- vide cheque no. 429301 in favour of Shri Vikrant Puri on 04/05/2006 in Alc no. 0011-408624-001. Similarly there are debit entries of ₹ 70,00,000/- vide cheque no. 429307 on 22/06/2006, ₹ 1,00,00,0001- vide cheque no. 429314 on 5/12/2006 and ₹ 1,00,00,000/- vide cheque no. 429315 on 12/12/2006 in the same account. Therefore, creditworthiness of the creditor is also fully established. Moreover, the AO has not brought any material on record to prove that credit is bogus which he failed to do. - Decided in favour of assessee
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