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2019 (2) TMI 1537 - AT - Income TaxAddition u/s 68 - genuineness of loan creditors - HELD THAT:- As find force in the submission of the assessee that both the loan creditors have expired in the meanwhile and therefore it is not possible on the part of the assessee to produce above two parties. The assessee before the AO had filed the copy of the account of Mrs. Prem Lata for financial year 2001-02 with M/s. R. L. Traders to whom loan was given and such loan was returned to her in February 2002 and thereafter Smt. Prem Lata had extended the loan of ₹ 5 lacs on 27.04.2002 and therefore, the source of Ms. Prem Lata is established. So far as loan from Sh. Shyam Goyal is concerned, the three storey building at New Delhi which was subsequently sold shows that he is a person of means to advance a loan. It is also to be noted that the matter is very old and the lenders are already dead. It is also not in dispute that the loan obtain during the financial year 2002-03 from M/s. Shyam Goyal was returned to him in the year 2003-04 and amount of ₹ 5 lacs obtained from Smt. Prem Lata has been returned to her during financial year 2004-05. In this view of the matter we are of the considered opinion that addition u/s 68 is not justified - decided in favour of assessee.
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