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2018 (6) TMI 887 - AT - Income TaxAdditions made u/s 68 - credit entry in the assessee’s bank account - cancellation of booking of flat - Held that:- All the necessary papers and confirmations in this regard have been produced by the assessee and in the remand report, the AO has also not drawn any adverse inference in this regard - thus in these circumstances, in our considered opinion, there is no infirmity in the order of the ld. CIT(A) - hence addition is deleted - Decided in favor of assessee. Additions made u/s 68 on account of repayment of loan and credit entry in assessee’s bank account - Held that:- Assessee has received the said amount from Shri Raj Basantani - the source of the receipt has been submitted to be the bank statement of Shri Raj Basantani who had been summoned u/s 131 and had confirmed the transaction. It has been explained by Shri Raj Basantani that he had received a loan of ₹ 5,93,66,151/- from the assessee in the past which has now been repaid. The source of the original assessee’s loan to Shri Raj Basantani has been submitted to be maturity of the fixed deposits in the Indian bank. All the necessary papers and documents have been found by the AO - thus we find no infirmity in the direction of the CIT(A) to delete the said addition - Decided in favor of assessee.
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