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2021 (12) TMI 259 - AT - Income TaxUnsecured loan u/s 68 - whether assessee has proved identity and creditworthiness of the parties? - HELD THAT:- It is very clear that there is no doubt of whatsoever with regard to genuineness of transactions. No doubt, bank might not have given narration with regard to cheque no., address and PAN while giving credit to the bank account of the assessee. But, fact remains that the assessee has filed all those details, including confirmation letter from loan creditors which matches with credit in the bank account of the assessee on 28.02.2008. Therefore, we are of the considered view that the assessee has filed necessary evidences to prove genuineness of transactions. Since, there is no dispute with regard to identity and creditworthiness of the loan creditors and further the assessee has filed necessary evidence to prove genuineness of transactions, CIT(A) has erred in sustaining additions made by the AO towards unsecured loans u/s.68. Hence, we set aside order of the CIT(A) and direct the Assessing Officer to delete addition made towards unsecured loans u/s.68 - Decided in favour of assessee.
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