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2022 (5) TMI 218 - AT - Income TaxAddition u/s 68 - unexplained cash credit - assessee not satisfied with the genuineness of credit - addition of loan taken from BMPL as non-genuine - HELD THAT:- As decided in M/S. VENKTESH SECURITIES LTD [2018 (12) TMI 1684 - ITAT MUMBAI] identity is not in dispute and in its books of account sufficient fund has been reflected. The bank statement also established its credit worthiness. CIT(A) has relied upon number of cases mentioned in his order and arrived at this conclusion that the assessee has proved the identity, genuineness and credit worthiness of transaction, therefore, no addition can be raised hence allowed the claim of the assessee. The facts are not distinguishable at this stage also. There is no finding of any authority on record in which it has been held that M/s. Basant Marketing Pvt. Ltd. is not genuine company. The Department nowhere preferred the appeal against the judgment mentioned in the finding nor perverse finding is on record. Taking into account all the facts and circumstances, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere with at this appellate stage. Accordingly, this issue is decided in favour of the assessee.
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