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2018 (9) TMI 1698 - HC - Income TaxAddition u/s 68 for having unexplained income - guienity of creditors - Held that:- If the creditors are genuine and the transactions between those creditors and the assessee have been clean and honest, there is no need for the Court or any authority to try to unearth the source of the creditors’ funds from which he repaid the assessee. But when elements like collusion between the assessee and the so called creditors or setting up funds with the so called creditors to hold the assessee’s money and to retransfer it to the assessee or any other kind of fraud is involved then the bona fide of the creditors has to be clearly established and their source of fund explained, on a charge under Section 68 of the said Act. In our opinion the learned tribunal has not gone into the issue in detail. It should have gone into it, to determine, whether the appellant had unexplained income. For those reasons we remand the matter back to the Tribunal to decide this issue afresh.
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