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2022 (11) TMI 327 - ITAT AHMEDABADAddition u/s 68 - assessee obtained unsecured loan from various persons who are happened to be the Managing Director’s, Family Members and Relatives - HELD THAT:- It is seen from record that the unsecured loans to the tune of Rs. 2.83 Crores which were already existing from the previous assessment year from the same parties. However the assessee is silent about the confirmations, bank details, Return of Income and mode of payment of the loan transactions. During the appellate proceedings before CIT(A), CIT(A) called for a Remand Report and given a relief in the case of Ganpatraj C. Salecha and in the case of Deepak G. Salecha which were found to be genuine by the Assessing Officer. The remaining balance assessee failed to discharge the primary onus by providing the loan details, confirmation letters, Income Tax Return etc. to the satisfaction of the Assessing Officer. Thus the assessee failed to discharge its initial onus cast upon it. In the absence of any further details either before the ld. CIT(A) or before us, we are not in a position to adjudicate the grounds raised by the assessee. Thus the grounds raised by the assessee are devoid of merits without supporting evidences.
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