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2017 (4) TMI 467 - AT - Income TaxTreatment to cash credit A/c with Commercial Co-operative bank Ltd. - belonging to Mr. H.K. Mistry (Individual) OR H.K. Mistry(HUF) - Held that:- We have gone through the impugned order, paper book under rule 18(6) and heard rival submission. In support of the contention an affidavit was also filed by the H.K. Mistry (HUF) and he further stated that before the prefix “M/s.” was never attached to the account. In is only in case of HUF or Firm such profit is attached to the account. In the bank the Karta had given his PAN Number to open the account as the HUF had no Permanent Account Number at that time. At the time of opening of HUF account appellant obtained cash credit facility in the name of M/s. H.K. Mistry and copy of certificate from bank dtd. 30/06/2014 sanctioning cash credit loan Account No. 118 belonging M/s. H.K. Mistry has stated by the Bank. So far as Ground related to total cash of ₹ 1,85,800/- is concerned. It was submitted by the learned AR. Assessee had explained the source of nature of credit entries/deposits made in the bank account. It was submitted that the amounts were received by way of cheques and cash from Darshan Traders, Prop. Alka Mistry. Further stated that the cheques and cash amounts received from Darshan Traders in the Assessment Year 2010-11 have been partly accepted as genuine amounts. Therefore there was no reason for the authorities below. Darshan Traders ought to have been accepted by the genuine source of deposit in this A.Y. - Decided in favour of assessee
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