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2016 (5) TMI 1004 - AT - Income TaxUnexplained cash credits u/s. 68 - Held that:- There is no dispute about the fact that the assessee’s HDFC bank account stands credited with 14 payments of ₹ 49,000/- each followed by another one involving ₹ 14,000/-. This gross figure of ₹ 7 lacs forms subject matter of section 68 addition. The assessee’s endeavour seeks to treat the same as repayment of loans/old advances. A co-ordinate bench has already directed the Assessing Officer to verify the same from the material on record. The assessee files before us her ledger account maintained in case of above stated 15 parties right from 01-04-2003 to 31-03- 2008 stating outstanding closing balances of ₹ 49,000/- and ₹ 14,000/-. This is not the Revenue’s case that these accounts are not genuine or improper maintained. There is hardly any dispute that the same stands accepted as correct in the relevant intervening assessment year. Ld. DR fails to rebut this factual position. We do not find any observation in Assessing Officer’s consequential order alleging that he ever summoned these creditors for the purpose of conducting verification and they did not turn up to confirm assessee’s stand. We take into account totality of all these facts and circumstances to hold that the assessee has successfully proved her case of having received repayment of earlier loans and advances given to the above stated 15 creditors in financial year 2003-04. The Revenue’s arguments strongly supporting Assessing Officer’s action making the impugned addition stand rejected. We accordingly delete the impugned section 68 addition - Decided in favour of assessee.
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