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2018 (8) TMI 1039 - AT - Income TaxAdditions u/s 68 - unexplained unsecured loans - AO concluded that the said sum is nothing but assessee’s own money conduited under the garb of unsecured loans into its books of accounts - Held that:- assessee had duly repaid the entire loans - the ld CITA had deleted the addition made u/s 68 of the Act in the hands of the assessee and had also safeguarded the interest of the revenue by suggesting the ld AO to inform the assessing officer of the loan creditors at Mumbai for necessary action at their end. The revenue was not able to bring on record any adverse materials / decisions taken in the hands of the lender companies pursuant to such direction of the ld CITA. CIT(A) had rightly deleted the addition towards loans received from the companies in the same group and accordingly the order of the ld CIT(A) does not call for any interference. Accordingly, the grounds raised by the revenue are dismissed. - Decided against the revenue.
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