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2019 (2) TMI 716 - AT - Income TaxUnexplained investment u/s 69 - non acceptance of explanation furnished by assessee in respect of certain loans taken by him - Held that:- The investments are recorded in the bank account and secondly, the assessee has explained the source of said deposit i.e. out of loan received from his two sisters, who had sufficient agricultural landholding and had also carried on agricultural activity on the said land. The assessee produced the receipts of sale of pulses and onions during the year. The plea of assessee was rejected on the ground that it was difficult to link the agricultural receipts to actual demand draft purchased. There is no merit in the observations of CIT(A) in this regard and reversing the same, we delete the addition made in the hands of assessee, where the assessee has explained the nature of entries completely. - Decided in favour of assessee.
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