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2021 (2) TMI 180 - AT - Income TaxRectification of mistake - Addition u/s 68 - ITAT Confirmed addition - HELD THAT:- Huge payments of ₹ 40 lacs being fresh cash credit were received by assessee during the previous year relevant to impugned assessment year, which is without any interest liability being incurred by assessee. The peak cash credit during the year (inclusive of opening balance) was to the tune of ₹ 90 lacs from said M/s R R Steel Industries, which did not bear any interest and sale transaction made by assessee to said M/s R R Steel Industries was merely ₹ 39,399/-. In our considered view based on material on record , the tribunal has passed well reasoned order in which conscious decision is taken by tribunal in allowing Revenues appeal by holding that creditworthiness of the lender did not stood proved by the assessee and the order of the tribunal does not deserve our interference within limited scope of provisions of Section 254(2) of the 1961 Act as in our considered view, there is no mistake apparent from records in the appellate order passed by tribunal. - Decided against assessee.
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