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2019 (3) TMI 646 - AT - Income TaxUnexplained cash credit u/s.68 - assessee’s contentions that it had submitted cash flow before the CIT (Appeals) and which was also sent to AO asking for his report but no comments have been offered by the Assessing Officer on such cash flow - HELD THAT:- A perusal of cash flow that is prepared by assessee and which is placed in the paper book reveals that there are certain deposits from the Karta aggregate to ₹ 8.5 lakhs which have not been considered while working out the negative cash balance. If those receipts are considered while working out the cash flow there would be no negative cash balance. In such situation we find force in the arguments of assessee and in the absence of any contrary facts placed by Revenue, we allow this ground of appeal of assessee. Addition u/s 56(2)(v) - transaction is in the nature of gift or loan - donor is not a member of HUF - HELD THAT:- We find that the confirmation and affidavit were furnished before the Commissioner of Income Tax (Appeals) and on the same comments of AO was asked for but Assessing Officer has not made any adverse comments. Further, there is no material on record to demonstrate that the contents of the affidavit filed by the lender is false. Considering the totality of aforesaid facts, we are of view that assessee has explained the position about the amount being loan which has not been controverted by the Revenue. Under such circumstances no addition is called for. - Decided in favour of assessee
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