Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 1530 - AT - Income TaxAddition towards unexplained cash credit - claim of the assessee is that the creditor admitted that he has sold his agricultural land and utilised the said amount for giving loans to friends and relatives - Held that:- In the instant case, the volume of evidence filed by the assessee-company really shows that genuineness, identity and creditworthiness of the creditors was explained by the assessee in which event addition, in my humble opinion, cannot be made u/s 68 of the Act. CIT(A) observed that the cash transactions between Smt. Jyothi and Mr. Raghuram is violative of the provisions of section 269SS of the Act. However, no such proceedings were taken. We are not concerned with the provisions of section 269SS. If the evidence is not sufficient or if Shri Raghuram has no means to pay the sum, the same can be considered in the hands of Shri Raghuram; but in the instant case, the Tax Authorities have not made any efforts in that direction. - Decided in favour of assessee
|