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2022 (10) TMI 387 - AT - Income TaxDisallowance of unsecured loans u/s. 68 - HELD THAT:- AO has made the addition of unsecured loans based on his finding that assessee has not filed any document in support of the above unsecured loans. We observe that Ld.CIT(A) has deleted additions with the finding that assessee has filed all the relevant information and gave the finding that loans are from the Shareholders / Directors and related concerns. Therefore, the relevant interest payment on the above said loans are considered to be genuine as well. Therefore, we do not find any reason to interfere with the findings of the Ld.CIT(A). Bogus purchases - addition as non-genuine purchases on the sole ground that in response to notice u/s. 133(6) of the Act he has not received any replies from all the three parties - AO issued notices u/s. 133(6) to all the three parties since he has not received any response from these parties AO treated the same as non-genuine - HELD THAT:- CIT(A) has deleted the additions with the finding that these parties are regular parties, regularly supplying and servicing the assessee in the past as well as in the subsequent AY. The same parties were supplying the material as well as providing services to the assessee in earlier AY, none of the AO disallowed or found any discrepancies in these parties. Therefore, we are inclined to accept the findings of the CIT(A) and we do not find any reason to disturb the findings of the CIT(A). Appeals of the revenue are dismissed.
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