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2018 (11) TMI 555 - AT - Income TaxUnexplained credit u/s 68 - amount transferred through bank transactions - Held that:- As the amount of ₹ 1,86,30,000/- was advanced by BMPL to the assessee company through bank transactions, thus the genuineness of the loan transaction under consideration also stands proved. We are persuaded to subscribe to the view taken by the CIT(A) that as the ‘nature’ and ‘source’ of the credit of ₹ 1,86,30,000/- appearing in the ‘books of accounts’ of the assessee company had been established by the assessee beyond doubt, thus the same could not have been held as an unexplained cash credit under Sec. 68. We thus finding no infirmity in the view taken by the CIT(A) that the loan of ₹ 1,86,30,000/- received by the assessee company from BMPL could not be held as an unexplained cash credit under Sec. 68 of the Act, uphold the same. - Decided against revenue.
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