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2019 (1) TMI 105 - AT - Income TaxAddition on account of unsecured loan - Held that:- In the present case, it is not in dispute that the creditor was regularly filing the return of income. The creditor was having opening balance of ₹ 57,85,186/- in the books of the assessee’s account and an amount of ₹ 10,00,000/- was received by the assessee on 03.11.2009 through RTGS. The assessee has also paid interest of ₹ 3,10,684/- on the said loan which has been accepted by the department since no disallowance has been made for the said interest paid to the creditor by the assessee on which TDS of ₹ 31,069/- was deducted. Thus the amount of ₹ 10,00,000/- was received by the assessee through RTGS and interest paid on the outstanding balance in the name of the creditor was accepted by the department as genuine, so there was no question for doubting the genuineness of the transactions. No addition to be confirmed - decided in favour of assessee.
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