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2023 (4) TMI 113 - HC - Income TaxAddition u/s 68 - disallowance of interest - dubious existence of loan creditors and genuineness of related transaction - Facts brought on record by the assessing officer on physical non-existence of the companies extending loans - ITAT deleted the addition - HELD THAT:- Creditworthiness of the lenders of the respondent/assessee have been examined in depth the factual details have been noted and all the lenders of the respondent/assessee have directly submitted documents before the AO. AO proceeded to hold the Company under the control of Shri Raj Kumar Kothari to be sold company only by referring to certain answers given by the selected questions. The said answers have been recorded by the said Mr. Kothari and also specifically alleged that it was obtained under threat and coercion. Both the CIT[A] as well as the tribunal had independently assessed the factual position and arrived at a decision. CIT[A] had also noted the decision of this court in the case of CIT vs. M/s. Dataware Private Limited [2011 (9) TMI 175 - CALCUTTA HIGH COURT] and allowed the appeal filed by the assessee. Tribunal while affirming the said order has given elaborate reasons as to how the creditworthiness of the lenders have been established. No substantial question of law arising for consideration in this appeal.
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