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2018 (10) TMI 1390 - AT - Income TaxAddition u/s 68 - Unexplained cash credit - failure to establish the source with documentary evidences - CIT(A) deleted the addition - Held that:- The assessee has not established the fact that he has given the loans to various persons, which were recovered in cash and deposited the same. The assessee also did not admit any interest on loans as observed from the orders of lower authorities. Since the assessee failed to establish the source with documentary evidences and had accepted the addition before the A.O. and has taken U-turn and the Ld. CIT(A) accepted the source of cash deposits without any supporting documents, the issue require detailed enquiry with regard to the source of cash deposits. The assessee required to submit the evidences having given the loans to the various persons and the same was recovered in cash. He cannot get away simply by saying that the cash deposit represent recovery of loans. It is obligation on the part of the assessee to furnish the details and cooperate with the department. Therefore, we remit the entire matter back to the file of the A.O. to conduct detailed enquiries and to redo the assessment de-novo. - Decided in favour of revenue for statistical purposes.
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