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2023 (7) TMI 465 - ITAT AHEMDABADUnexplained cash credits - Additions u/s 68 - identity, creditworthiness and genuineness of the transaction - HELD THAT:- Assessee has placed substantial material on record to prove the identity, creditworthiness and genuineness of the transaction. Admittedly, in the instant facts all transactions took place through banking channels, the confirmation of the lender Shri Gaurav Viradia is on record, the returns of income filed by Shri Gaurav Viradia were also placed before the assessing officer for his records and the bank account of Shri Gaurav Viradia was also placed before the Department. The fact that in remand proceedings Shri Gaurav Viradia did not cause appearance in person, does not lead to the inference that the identity of lender or his creditworthiness has not been established by the assessee. In view of the above facts, we are of the considered view, that no addition under section 68 of the Act is called for in the case of Shri Gaurav Viradia. For the other lender assessee has been unable to give any plausible explanation as to why cash was deposited in the bank account of the lender immediately prior to extending loan to the assessee. Also, there is an apparent contradiction in the stand taken by the assessee with respect to the date on which loan was extended to the assessee. Accordingly, assessee has not been able to establish the creditworthiness or genuineness of the aforesaid transaction with Shri Alpesh Patel, and therefore the addition made by the Ld. CIT(Appeals) with respect to the aforesaid party is liable to be sustained. Decided partly in favour of assessee.
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