Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 420 - AT - Income TaxAddition u/s 68 - unsecured loans - bogus bills for purchases - Held that:- Tribunal has reached the findings that the assessee has duly proved the genuineness of transaction, creditworthiness and identity of the creditor by producing the Principal Officer of the company and also by filing the details of the company like banks statement, audited account of the lender. Same records were produced and the Principal Officer was also produced and his statement was also recorded by the AO. We find that the identical issue of addition u/s 68 was decided in the assessee own case in the AY 2007-08. Therefore, respectfully following the decision of the co-ordinate bench of the Tribunal we set aside the order of ld. CIT(A) and direct the AO to delete the addition - Decided in favour of assessee.
|