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2019 (2) TMI 718 - AT - Income TaxAddition u/s. 68 - unexplained cash credit as the assessee failed to prove the identity, creditworthiness and genuineness of the said loan - Held that:- It is clear that the assessee has discharged its onus. From the balance sheet of the lender, it is noted that it has substantial sources including turnover of ₹ 182 crores. The lender has also deducted TDS on the loan amount given. Furthermore, all the transactions are through banking channel. In these circumstances, the case law of M/S. RUSHAB ENTERPRISES VERSUS ASSTT. COMMISSIONER OF INCOME TAX 24(3), MUMBAI AND OTHERS [2015 (5) TMI 81 - BOMBAY HIGH COURT] referred by the ld.CIT(A) in his order as reproduced above is fully applicable. The loan in this case satisfies the criteria of loan taken in the regular course of business and the Revenue has not brought on record any cogent evidence to treat the same as bogus. In these circumstances, we do not find any infirmity in the order of the ld. CIT(A). - Decided against revenue
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