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2019 (2) TMI 229 - AT - Income TaxAddition made u/s 68 - Held that:- Assessee has failed to prove the credit worthiness of the loan creditors, genuineness of the transactions, is not established, the amounts received from the aforesaid persons need to be added in the hands of the assessee under section 68 of the Act. In respect of the balance loan creditors, the assessee has not proved the credit worthiness of the said persons for making the aforesaid advances wherein Vinayak Satale has advanced a sum of ₹ 8 lakhs, Vinayak Anandrao Satale (HUF) has advanced a sum of ₹ 6,22,000/-, Bharati Dharme has advanced a sum of ₹ 49,900/- and Narayan Salunkhe has advanced a sum of ₹ 50,000/-. The lenders had deposited the cash in their bank accounts and issued cheques subsequently. Since all the lenders did not have sufficient source of income, the explanation of the assessee is not accepted and the addition made under section 68 of the Act is upheld. - Decided against assessee.
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