Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (4) TMI 618 - HC - Income TaxUnexplained loan addition u/s 68 - Held that:- Assessing Authority on the CIT (Appeals) as well as the Tribunal have disbelieved the case of the assessee having taken interest free loans after recording finding that the persons claimed to be the creditors of the assessee had no creditworthiness inasmuch as the total family income of those persons was found to be ₹ 1,00,000/- per annum and the interest free loans given out of such persons had been claimed and have been made out of tax bearing FDRs that have been got encash pre-mature. Tribunal has also disbelieved the case on both counts of genuineness of transaction as well as creditworthiness. The finding recorded by the Tribunal are well considered and conclusive based on due appraisal of the material on record. The above concluded findings of the fact do not suffer from any infirmity. - Decided against assessee.
|