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2022 (6) TMI 661 - AT - Income TaxAddition u/s 68 - unsecured cash creditors - Assessing Officer (A.O) has received information that the assessee has obtained the unsecured loan and interest on loan - Onus to prove - HELD THAT:- We find the Ld. CIT(A) has dealt on the submissions of the assessee supporting the loan creditor with confirmation ledger, PAN, Bank Statement of loan creditor. We find that the assessee has to satisfy the 3 ingredients with respect to identity, creditworthiness and genuineness of the transaction. CIT(A) has discussed on the provisions of the Act and Primafacie the CIT(A) has not accepted the identity, credit worthiness and the genuineness of the transactions. We are of the opinion that the assessee has discharged the burden of proof in filling the documents before the A.O and the CIT(A). But the A.O has taken the different view and over looked the explanations of the assessee. Accordingly, we set-aside the order of the CIT(A) and direct the Assessing officer to delete the addition of unsecured loan and allow this ground of appeal in favour of the assessee. AO has disallowed the interest on unsecured loan - Since we have directed the A.O to delete the addition of unsecured loans in the abovePara-6, therefore the interest on the unsecured loan has to be allowed. Accordingly, we direct the A.O to delete the addition and allow the interest claim of the assessee on the unsecured loan creditor. Appeal of assessee allowed.
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