Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (5) TMI 766 - AT - Income TaxAddition of unsecured loan received from his minor daughter and son u/s. 68 - Held that:- The assessee has enclosed the complete bank statement from where it is clear that minor daughter Annica Phillips has advanced a sum of ₹ 1,35,000/- out of RBI Bond maturity and RBI Bond interest and also other deposits made. The assessee has also enclosed copies of RBI certificate issuing RBI bonds in the name of Rohan, minor son and Annica Phillips, minor daughter with repayment of 6.5% Saving Bonds 2003 and repayment of 7% Saving Bank Schemes 2002. These documents clearly establish the source of loan transaction, i.e., advancing of money by minor Annica Phillips and Rohan Phillips amounting to ₹ 13.50 lacs and ₹ 1.350 lacs respectively. On query from the Bench, the ld. Sr. DR stated that these documents were not filed before the A.O. but we find that the assessee has given certificate in its paper book that these were filed before the A.O. as well as CIT(A). The CIT(A) has particularly noted this fact in his order which is reproduced above. Further, these bank details were available before the A.O. from where these loans were given and maturity proceeds of RBI Bonds were deposited. In entirety of the facts and circumstances of the case, we are of the view that in the case of the above unsecured loan, the assessee is able to prove the creditworthiness and genuineness of the transaction, i.e., the immediate source of the transaction. In such circumstances, we feel that unsecured loan advanced by these two, minor son and minor daughter, to the assessee is explained and cannot be added as unexplained cash credit u/s. 68 - Decided1 in favour of assessee
|