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2017 (6) TMI 77 - AT - Income TaxAdditions u/s 68 - genuineness of the transaction not proved - Held that:- Sh. Inderjeet Kumar had no satisfactory explanation or evidence regarding the cash deposited in his bank account. However, Ld. CIT(A) noticed that Sh. Inderjeet Kumar deposited ₹ 4,90,000/- in cash in his bank account on 08.02.2008 and gave a cheque of ₹ 5 lacs to the assessee on 11.02.2008. Similarly, Sh. Mahavir Singh, S/o. Sh. Dilip Singh deposited cash amounting to ₹ 9,50,000/- in his bank account on 13.02.2008 and gave a cheque of ₹ 8 lacs to the assessee on 14.02.2008. Since, the genuineness of the transaction and the creditworthiness of the loan creditors has not been conclusively established before the lower authorities, hence, the Ld. CIT(A) has rightly confirmed the addition of ₹ 13,00,000/- i.e. (Rs. 5 lacs from Sh. Inderjeet Kumar and ₹ 8 lacs from Sh. Mahavir Singh) and held that these loans are not genuine and treated the same as unexplained cash credit u/s. 68 As regards the addition/confirmation of ₹ 10 lacs is concerned, which was also an unsecured loan from Sh. Kumudani Jhangu, for the assessment year 2008-09, we find that the assessee has filed the copy of Income Tax Return filed on 30.9.2008 of Sh. Kumudani Jhangu, for the assessment year 2008-09 and also his Income Tax Return for the AY 2008-09 reflecting the amount of ₹ 10 under the head ‘Deductions under Chapter-VIA’ alongwith the statement of assessable income and also copy of Statement of Affairs as on 31.3.2007 and 31.3.2008. In our considered opinion, these documents are enough to establish the genuineness of the transaction and the creditworthiness of the loan creditors, hence, the addition of ₹ 10 lacs being unsecured loan from Kumudani Janghu is hereby deleted and as a result, the assessee gets part relief of ₹ 10 lacs only. - Decided partly in favour of assessee.
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