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2020 (11) TMI 645 - AT - Income TaxUnexplained cash credit u/s 68 - Director-promoter of the lending companies have already confessed during the survey action that the lending companies controlled by them are bogus companies engaged in providing accommodation entries - HELD THAT:- Similar issue has been decided by our co-ordinate bench in own case [2019 (2) TMI 101 - ITAT MUMBAI] wherein similar additions were deleted by the Tribunal by treating the loans taken as genuine on the ground that the assessee has discharged the onus cast upon him as he has filed all the documents proving identity , creditworthiness of the parties and genuineness of the transactions and therefore the addition can not be made u/s 68 - Decided in favour of assessee. Interest expenditure paid on unsecured loans - HELD THAT:- Since we have dismissed the grounds raised by the revenue challenging the deletion of unsecured loans by holding that the addition made by the AO is not correct by following the order of the Coordinate bench in assessee own case in earlier years. Therefore the ground on disallowance of interest on these loans can not be disallowed. Accordingly the ground no. 3 is dismissed by upholding the order of ld. CIT(A).
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