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2023 (4) TMI 682 - AT - Income TaxUnexplained/unaccounted cash - Cash receipt found from the premises of loan party - Assessee contention that the impugned cash receipt is a dumb document as the same was not signed or written by its director or employee, not found from its premises. Shri Hitesh Bagdai from whose premises such receipt was found categorically denied to have received such cash - CIT-A deleted the addition - HELD THAT:- The assessee on credit of interest also deducted tax at source under the provision of section 194A of the Act. Furthermore, in the immediate subsequent year i.e. in the month of April 2009, the entire loan amount along with interest was repaid to the party through banking channel which is much before the date of search. The revenue has not raised any iota of doubt on the genuineness of the interest claimed by the assessee which evidences that the amount of interest on the loan by the assessee was genuine. We also find the Hon’ble Gujarat High Court in the case of the CIT Vs. Rohini Builders [2001 (3) TMI 9 - GUJARAT HIGH COURT] wherein the facts and circumstances were identical to the facts narrated above that loan was received through banking channel and same was repaid along with interest through banking channel. The transaction of loan shown by the assessee is genuine. Thus, in our considered opinion addition cannot be made based on impugned cash receipt found from the premises of Shri Hitesh Bagdai which has been denied by the both assessee and Shri Hitesh Bagdai. Hence, the ground of appeal of the Revenue is hereby dismissed.
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