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 1096 - AT - Income TaxUnexplained cash credits u/s. 68 - Held that:- No hesitation in holding that the assessee has successfully discharged the initial onus cast upon it by the provisions of Section 68 of the Act. We, therefore, do not find any merit in the impugned additions made by the A.O. We, accordingly, set aside the findings of the ld. CIT(A) and direct the A.O. to delete the addition Disallowance of interest paid to the cash creditors on the ground that the cash credits were held as non genuine - Held that:- Since, we have directed the A.O. to delete the additions made on account of unexplained cash credits, there remains no reason why the interest paid on such cash credits should be disallowed. We, therefore, direct the A.O. to allow the claim of interest paid to such cash creditors. This ground is also allowed in favour of assessee.
|