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2023 (5) TMI 1042 - AT - Income TaxAddition u/s 68 - AO received information from ITO, Ward-4(3), Kolkata containing that assessee was advanced unsecured loans and received interest on unsecured loans from fake /shell company - HELD THAT:- Here it is a loan transaction, which according to the assessee, these loans have been repaid. Similarly in the first seven pages, CIT(Appeals) has just reproduced the assessment order. There is no cross verification of the evidence at the end of both the revenue authorities. We deem it appropriate to set aside the orders of revenue authorities and restore this issue to the file of AO. AO is directed to either confront the assessee with Shri Sajjan Kumar Garg or do not rely upon his statement while examining the loan transaction of the assessee because the statement was recorded by Investigation Wing. Its veracity has not been tested by any of the authorities on judicial platforms. Information given by the ITO, Ward-4(3), Kolkata is just an information for setting the machinery into motion, it cannot be treated as a gospel truth. The issue has to be examined, therefore, AO is directed to look into all these aspects afresh and read judicate the issue after providing due opportunity of hearing to the assessee. Appeal of the assessee is allowed for statistical purposes.
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