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2018 (11) TMI 1242 - AT - Income TaxAddition u/s 68 - assessee obtained loans from 6 entities - proof of credit received in the impugned AY - Held that:- So far as the addition of ₹ 79 Lacs is concerned, Ld. CIT(A), after examining confirmation of accounts, has recorded a finding that credit of the same was not received by the assessee during impugned AY and therefore, the addition u/s 68, to that extent, could not be made. We agree with the arguments of Ld. AR to that extent. Accordingly, the conclusion drawn by CIT(A), to that extent, stand confirmed. Regarding the balance fresh loans of ₹ 20.50 Lacs as obtained by the assessee during impugned AY, in terms of submissions of Ld. AR, we deem it fit to restore the matter back to the file of Ld. AO for deciding afresh as per law with a direction to the assessee to substantiate the same with documentary evidences etc. The ground of appeal stand allowed to that extent. - decided partly n favour of assessee.
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