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2017 (8) TMI 919 - ITAT DELHIUnsecured Loan - addition u/s 68 - Held that:- The assessee has submitted bank account details of Shri Rakesh Kumar which is available at page no.29 of the paper book. After going through the bank statement of Shri Rakesh Kumar it was noticed that the assessee has submitted only bank statement from the month of 1st March, 2011. On that day there is a huge balance of ₹ 50,70,000/- is appearing as opening balance. On 22nd March, 2011 Shri Rakesh Kumar transferred ₹ 50 lakhs through RTGS into the account of the assessee. The A.O. as well as the CIT(A) had given opportunity to the assessee for proving the credit worthiness of the lenders. The Ld. CIT(A) has observed that merely filing one month extract of the bank account shows funds parked in the bank just before making RTGS does not indicate that the creditor had the capacity to advance loan of ₹ 50 lakhs. The Ld. AR for the assessee requested to grant him opportunity for filing of complete bank account details of lenders and credit worthiness so that onus cast upon the assessee to prove credit worthiness u/s 68 can be discharged. Therefore, the matter is remanded back to the file of the A.O. for examination of credit worthiness of lenders. - Appeal of the assessee allowed for statistical purposes.
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