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2018 (9) TMI 537 - AT - Income TaxAddition of unsecured loans - proof of the genuineness of the loan transaction - Held that:- AO has filed the relevant details of unsecured loan to prove the identity, creditworthiness and genuineness of the transaction. The assessee disclosed the name, address, PAN, IT particulars, confirmations, bank statement etc. The transaction was effected through banking channel. AO relied upon the statement of Mr. Jagdish B. Ahuja Director and Promoters of M/s. Ahuja Group recorded u/s 132. Relying upon the statement of the said person does not itself made the transaction as unexplained u/s 69A. AO nowhere brought any other material to discredit the evidence given by the assessee. Even notice u/s 133(6) of the Act was not issued. Cross-examination of Shri Jagdish B. Ahuja was not allowed. Nothing came into the notice that the transaction was sham, fictitious and artificial. However, it also came into notice that the said receipt was changed consequentially replacing the cheque payment. - Decided against revenue.
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