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2021 (10) TMI 90 - AT - Income TaxAddition u/s 68 - unexplained cash credit - loans received from creditors - HELD THAT:- Addition was made by the AO of the loans received by the assessee from six creditors. When the matter was carried before the CIT(A), Assessee furnished the copy of the ledger accounts, their bank accounts, copies of income tax returns and other evidences to prove the genuineness of the loan CIT(A) after considering all the evidences furnished by the assessee had deleted the addition by noting that the AO did not make the necessary enquires and that the AO rejected the explanation of the assessee on the basis of surmises. Before us, no fallacy in the findings of CIT(A) has been pointed out by the Revenue. In view of the aforesaid facts, we find no reason to interfere with the order of CIT(A) and thus the ground of Revenue is dismissed.
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