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2019 (12) TMI 1158 - AT - Income TaxUnsecured loan received by the assessee - Addition u/s 68 - HELD THAT:- As pursuant to notice issued by AO u/s 142(1) assessee explained that it had received sum of ₹ 16,20,000/- from M/s Dhoot Infrastructure Projects Limited, towards sale of shares to them. Copies of purchase and sale invoices were also furnished by the assessee. Copy of the invoice dated 15-03-2013 of ₹ 16,20,000/- against trade payable in the name of Dhoot Infrastructure Projects Ltd. against sale of equity shares along with copy of the ledger accounts for the period 01-04-2012 to 31-03-2013. We note that the nature of such Trade Payable was also explained to the AO. The assessee furnished the complete details including name, address, PAN, Bank statement highlighting the transaction before the AO. We also note that the Ld. CIT(A) has called for the remand report twice, however, the AO did not raise any adverse view about the veracity of the documents filed by assessee, therefore, the addition of sum received by the assessee as 'advance’ as unexplained cash credit under section 68 of the Act was not warranted and therefore the Ld CIT(A) rightly deleted the addition. So, we are inclined to confirm the order of the Ld. CIT(A) and dismiss the ground of appeal raised by the revenue.
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