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2019 (7) TMI 611 - HC - Income TaxAddition u/s 68 - unexplained credit - addition was an ‘unsecured loans’ - CIT-A deleted the addition - HELD THAT:- The loans borrowed from Deepak Bhatia and Nancy Bhatia of ₹ 2 and 4 lacs respectively were old loans and, therefore, rightly not treated by the CIT (A) as income of the Assessee. As regards the loans given by Jyoti Kukreja and and Suresh Kukreja, the bank statements, addresses and PAN numbers of of the said two individuals were provided. The CIT (A) found no reason to disbelieve the creditworthiness of the two individuals or the genuineness of the loan transactions. Indeed, if the AO had any doubt in this regard, he could have summoned and recorded the statements of the said individuals, which option was not chosen to be exercised. This being a factual determination by the CIT (A), and having been concurred with by the ITAT, the Court does not find any reason to interfere. - Decided against revenue
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