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2018 (12) TMI 1052 - AT - Income TaxAddition of unsecured loan u/s.68 - loan through RTGS and repaid through account payee/RTGS - Held that:- It is pertinent to note that in so far as companies incorporated under Indian Companies Act, whether private limited or public limited, they raise their share-capital through issue of shares though manner of raising of share capital in private company on one hand, and public limited company on other hand, would be different. Share capital and share premium are basically irreversible receipts or credits in the hands of the company. AO failed to appreciate this aspect while dealing with cash credit. The loans received by the assessee are not irreversible receipts in its hands. These are to be repaid. Therefore, angle of inquiry or degree of investigation in both these aspects would be little different. AO emphasised on the financial health of the creditors as well as their promoters. Whereas, the CIT(A) emphasised that the assessee has produced basic details of the creditors, their confirmations. Their existence is not in doubt and how they procured funds from TAPL. TAPL has confirmed all these aspects. Submitted details of loans given by it to those creditors of the assessee. Thus, the assessee has not only proved source but source of source also, which does not otherwise required under the law. Similarly, loan from SIPL was taken only for one day. It has been taking the loan through RTGS and repaid through account payee/RTGS. Bank details were submitted, then how could it be non-genuine ? Taking into consideration all these aspects, we do not find any merit in this ground of appeal raised by the Revenue. It is rejected. - Decided against revenue.
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