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2019 (4) TMI 1104 - AT - Income TaxAddition of unsecured loans u/s 68 - as alleged genuineness & creditworthiness/capacity to the lender could not be proved - copies of statements recorded by the AO on oath in remand proceedings, it is clear that all the 11 corporate entities have advanced loans through account payee cheques and reflected in their respective balance sheets, filed with the various agencies including the Income Tax Department along with their return of income - HELD THAT:- CIT(A) has given detailed finding and taken into consideration of the submissions made by the assessee as well as the remand report of the Assessing Officer called during Appellate Proceedings. In-fact, from the records it emerges that the unaccounted money as alleged by the Assessing Officer was the loan which was repaid subsequently by the assessee. Therefore, there is no need to interfere with the findings of the CIT(A). The appeal of the Revenue is dismissed.
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