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2021 (1) TMI 942 - AT - Income TaxAddition u/s 68 - unsecured loans as unexplained cash credits - interest therein as unexplained expenditure u/s. 69C - HELD THAT:- When the assessee files all necessary evidences on record before the Assessing Officer, then mere failure of the creditor party(ies) to appear cannot form the so basis to invoke sec. 68.- Keeping in mind the detailed evidence as well as judicial precedents, we hold that once the assessee has discharged its onus on identity, genuineness and creditworthiness of running account & discharged its onus qua credit side of loan and interest expenditure thereupon before the AO, both the lower authorities have erred in law and on facts in treating the same as unexplained cash credits & unexplained expenditure u/s. 68 & 69C respectively. These two additions made u/s. 68 & 69C of the Act are directed to be deleted therefore. - Decided in favour of assessee.
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