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2020 (11) TMI 644 - AT - Income TaxAddition u/s 68 - Unexplained loans taken - notice under section 133(6) not responded by 51 parties - HELD THAT:- Revenue has not brought on record anything new material in support of the findings of assessing officer. From the record, it is clear that the loan was not taken during this year and taken during earlier AY and through banking channel. Therefore, we are inclined to accept the findings of the CIT(A) and accordingly ground raised by the revenue are dismissed. With regard to other loans taken by the assessee, we notice from the record that assessee has taken loan during the year and it has submitted the confirmation letters from all the parties during the assessment proceedings, except 2 creditors - AO has not verified the confirmation letters submitted during assessment proceedings and had not mentioned anything about it in assessment order - Further assessing officer has disallowed interest paid by the assessee during the year which includes interest on the loan taken during the year and balance which is interest on loan taken during previous assessment years. We notice that assessee has deducted TDS on the above said interest and remitted the same. Since the assessee has paid the interest after deducting due tax and also assessee has submitted the identity creditworthiness and genuineness of the transaction before assessing officer. This fact was appreciated by the learned CIT(A) and also before us, no new document or any material brought on record by any authority in contrary to the findings of learned CIT(A). Therefore, appeal filed by the revenue is dismissed.
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