Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (2) TMI 680 - AT - Income TaxAddition on account of unsecured loan - Held that:- CIT(A) has rightly applied the test of identity, creditworthiness and genuineness to examine the unsecured loan transactions of the appellant and after examining the material on record, has given a clear finding that except for Anuradha Pareek, the said test is duly satisfied. Regarding the findings about Anuradha Pareek from whom the assessee has shown unsecured loan transaction of ₹ 9,00,000, the ld CIT(A) has given a finding after examining her return of income that her creditworthiness is not proved. Where any one of three limbs of the basis test as referred above are not satisfied, it cannot be said that the assessee has discharged the primary onus placed upon him. The assessee has placed the necessary documentation before the ld CIT(A) and after going through the same, where the ld CIT(A) has arrived at a conclusion, it cannot be said that adequate opportunity was not given to the assessee. Apparently, on review of the same set of documentation furnished by the assessee, the ld CIT(A) has come to a conclusion that the other loan transactions are duly explained and he has provided the necessary relief to the assessee. Nothing further has been brought to our notice to controvert the said findings of the ld CIT(A) to establish the creditworthiness of Anuradha Pareek. To that extent, the assessee has not discharged the primary onus. - Decided partly n favour of assessee. Addition of difference in the contract receipts as declared in the ITR and as reflected in the form 26AS - Held that:- The AO has simply compared the contract receipts with Form 26AS. The ld CIT(A) has however gone through the details furnished by the assessee in detail in terms of reflection of sales on account of supply of material in addition to the contract receipts in its books of accounts, the fact that the TDS has also been made on the supplies in addition to contract receipts and the reconciliation thereof. The appellant has also submitted copies of bills and payment instructions issued by the principal which shows that tax has been deducted at source on sales/supply material as well. The appellant has submitted a reconciliation statement which shows that all the receipts in the 26-AS statement has been credited in the books of accounts. Hence no addition is called for - Decided in favour of assessee.
|