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2019 (3) TMI 291 - AT - Income TaxReopening of assessment - addition u/s 68 - HELD THAT:- So far as receipt from Prakruti Infrastructure P. Ltd. is concerned the CIT(A) has rightly observed that since this is a case of repayment of loan given by the assessee, there is no requirement on the part of the assessee to prove the source of funds in the hands of Prakruti Infrastructure P. Ltd. There cannot be any dispute on the above reasoning. We are supported by the decision in Veedhata Tower Pvt. Ltd. (2018 (4) TMI 1004 - BOMBAY HIGH COURT) and M/s SDB Estate Pvt. Ltd. (2018 (3) TMI 1592 - BOMBAY HIGH COURT). In so far as, the receipt of ₹ 50,00,000/- from Shri Dharmendra Bhanushali and ₹ 20,00,000/- from Ms. Tulsiben Bhanushali is concerned. The Ld. CIT(A) has directed the assessee to file the copies of confirmation and cheques before the AO as delineated at para 4.1 hereinbefore. Thus we uphold the order of the Ld. CIT(A). - Decided against revenue
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