Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 315 - AT - Income TaxAddition of unexplained cash credits - addition u/s 68 - CIT(A) has appropriately considered the evidence on record and found that the transaction stood properly explained - Held that:- CIT(A) not only relied upon the confirmation filed by the creditor, but also the utilisation of the loan received, which substantiated the plea of the assessee that the amount was received to effectuate the purchase of land on behalf of the creditor, Shri Arvind Jain. Moreover, at page 37 of the Paper Book is placed a Certificate issued by the said creditor, which brings out the relevant facts. The said creditor is an income-tax payee and is stated to have advanced money to the assessee in connection with the purchase of land through banking channels. It is also averred by the creditor that he has sufficient own funds, and the factum of assessee having deployed such funds towards the purchase of land for the said creditor has also been verified by the CIT(A), which is evident from the aforesaid extracted portion of his order. There is no controversion to any of the aforesaid findings recorded by the CIT(A) and, therefore, in this view of the matter, hereby affirm the order of the CIT(A) on this aspect. Thus, on this aspect, Revenue fails.
|