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2021 (4) TMI 385 - AT - Income TaxUnaccounted income received from undisclosed sources - Parties have not shown that the loan to the assessee out of Reserve/Share capital of these companies or any money borrowed from the outside parties - HELD THAT:- Assessee has discharged the primary onus casted upon him before the Assessing Officer by the way of filing confirmations, bank accounts, audited accounts, certificates from the bank regarding the interest received, copies of the TDS certificates regarding the interest paid, NBFC status of the lender companies. AO conveniently ignored the receipt of the interest by the lender companies. Further, having received all the documents, the Assessing Officer has not brought anything on record or conducted any investigations to prove that the documents filed are not genuine. The revenue has not responded to the reminders issued by the ld. CIT(A) with regard to bringing any evidences or disputing and countering the evidences filed by the assessee. On merits of the case, since the ld. CIT(A) has given relief based on the discharge of onus by the assessee who cogently fulfilled the obligations casted upon by the Act and the revenue has not brought about anything contra, hence, we decline to interfere with the order of the ld. CIT(A). With regard to the non-compliance to the seven reminders issued by the ld. CIT(A) to the field authorities, we decline to comment and leave the matter to the discretion of the administrative authorities at this juncture. Appeal of the revenue is dismissed.
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