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2018 (8) TMI 752 - AT - Income TaxAdditions u/s 68 - introduction of amount to capital - unexplained cash credit - Held that:- the assessee had duly submitted all the relevant documents with supporting evidences before the ld AO in the remand proceedings - ld AO was incorrect in stating that the assessee had not cooperated in the remand proceedings by furnishing the requisite details and evidences - Additions to be deleted - Decided in favor of assessee. Addition towards secured loans and unsecured loans received by the assessee as unexplained cash credit - Held that:- the assessee had duly submitted all the relevant documents with supporting evidences before the ld AO in the remand proceedings - d AO was incorrect in stating that the assessee had not cooperated in the remand proceedings by furnishing the requisite details and evidences. Hence there is no case made out by the revenue for disbelieving the loan taken from bank and PNB Housing Finance Ltd. Regarding unsecured loans - Held that:- Merely because the loan creditors had shown lesser income in their income tax returns , that does not automatically mean that the concerned loan creditors did not have sufficient sources to advance loan to the assessee. The loan advanced to the assessee is duly reflected in their balance sheets. We find that the assessee had duly submitted all the relevant documents with supporting evidences before the ld AO in the remand proceedings - Additions directed to be deleted. Decided in favor of assessee.
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