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2017 (5) TMI 1214 - AT - Income TaxAddition on account of unsecured loans - satisfactory explanation offered by the assessee - CIT-A allowed claim - Held that:- Assessee has not only established identity of the loan creditor but also genuineness of the loan transaction as well as credit worthiness of loan creditors. Detailed finding so recorded by CIT(A) and as per material on record which do not require any interference on our part. There is no dispute to the well settled legal proposition that in case of loan creditors assessee is not only required to prove the identity but also genuineness of transaction and creditworthiness of loan creditor. Since in the instant case of the three conditions duly fulfilled by the assessee in terms of finding recorded by CIT(A), there is no reason to interfere in the order of CIT(A). - Decided against revenue.
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