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2023 (9) TMI 1032 - ITAT BANGALOREAddition of unexplained cash u/s. 69 - Whether the addition u/s. 69 is sustainable particularly when both the parties, the appellant and M/s. Eureka Builders has denied such cash payment made by the appellant - HELD THAT:- Neither the legal notice issued to the appellant by the said M/s. Eureka Builders has earned any credence from the authorities which ought to have been considered in its proper perspective in view of the particular fact that the creditor itself is denying of receiving the loan of Rs. 50 Lakhs in cash from the appellant. We also find that the denial on the part of M/s. Eureka Builders has been considered by the Ld.CIT(A) to this effect that such might have been for the specific purpose of making its case stronger as the matter was under dispute. This observation, according to us, is merely on surmise and conjectures. The authorities below ought to have considered the entire aspect of the matter is its proper perspective that too on the basis of the documents placed before them. Whereas, in this particular case the documents mainly the legal notices were not been considered in its true sense. Neither we find, any other iota of evidence in support of such observation made by authorities below against the appellant so as to substantiate the addition made u/s. 69 to the impugned amount - Hence we do not find any cogent reason in making such addition particularly when both the parties in dispute are denying the repayment of loan of Rs. 50 Lakhs by cash. Decided in favour of assessee.
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