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2022 (9) TMI 1244 - AT - Income TaxAdditions u/s.68 - unexplained cash credits in the form of unsecured loans - HELD THAT:- We concur with the view taken by the CIT(Appeals) that as not only the assessee had duly substantiated the authenticity of the transaction to the hilt on the basis of supporting corroborative documentary evidences, but it is also a fact to which we cannot be oblivion that the A.O in the present case before us had except for harping upon certain unsubstantiated allegations, had however, failed to placed on record any such material which would have refuted the authenticity of the documents that were placed on record by the assessee before him to drive home its claim of having raised genuine loans in question. We are pained to find that the A.O had not even thought it fit to refer to the material which was placed on record by the assessee in support of his aforesaid claim of having raised authentic loans from the aforementioned lenders. Accordingly we, finding no infirmity in the view taken by the CIT(A) who had rightly vacated the characterization of the loans raised by the assessee company from the aforementioned seven lenders as unexplained cash credits u/s.68 uphold the same. Thus, the Grounds of appeal raised by the revenue are dismissed in terms of our aforesaid observation - Decided against revenue.
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