Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (10) TMI 839 - AT - Income TaxCorrect head of income - Income from sale and purchase of land - chargeable to tax under the head capital gain instead of business income - HELD THAT:- Tribunal in the own case of the assessee [2016 (10) TMI 1319 - ITAT AHMEDABAD] has decided the issue in favor of the assessee involving identical facts and circumstances and after considering the order of the Tribunal [2013 (4) TMI 950 - ITAT AHMEDABAD] pertaining to the Assessment Year 2006-07 where the activity of purchase and sale of lands was held as business income. Unexplained unsecured loan u/s 68 - CIT- A deleted the addition - HELD THAT:- Assessee has justified the conditions applicable with respect to cash credit u/s 68 i.e. identity, creditworthiness of the parties and the genuineness of the transactions of the loan taken from the parties as discussed above during the appellate proceedings. The necessary details furnished by the assessee in support of his claim were also forwarded to the AO for his comment. CIT(A) has given a clear finding that there was no adverse remark of the AO in the remand report with respect to the impugned unsecured loan. Therefore, CIT(A) has deleted the addition made by the AO. At the time of hearing the Learned DR has not brought anything on record contrary to the finding of the Learned CIT(A). Accordingly, we are not inclined to interfere in the order of CIT(A). Hence, the ground of appeal of the Revenue is dismissed.
|