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2021 (1) TMI 665 - AT - Income TaxAddition of unsecured loan as a gift - gift from unrelated persons treated as assessee’s income u/s.56(vi) - CIT (A) has deleted the said addition - HELD THAT:- AO has made addition in respect of unsecured loan as a gift purely on the basis of surmises and presumption, because her husband, Shri P.K. Jain, has also given unsecured loan which has been subsequently treated as gift by the assessee. Inferring the same yardstick, Assessing Officer has treated the loan taken from unrelated person as gift and has taxed u/s.56(vi). We concur with the finding and the observation of the ld. CIT(A) that, simply because husband has treated his loan as a gift to his wife, cannot be the reason for drawing a similar conclusion for unrelated parties that the other persons will also convert their loan to gift, especially when in the books of account amount has been reflected as loan. Assessee has brought on record that, these loans has been repaid back in the subsequent year, and therefore, amount which has been treated as loan in the books of account and has also been repaid back as a loan, same cannot be treated as a gift. We do not find any reason to interfere in the order of the ld. CIT (A), and therefore, the appeal of the Revenue is dismissed.
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