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2023 (10) TMI 463 - AT - Income TaxAddition u/s 68 - unsecured loan receipts - assessee has failed to discharge the onus of establishing creditworthiness of lenders/creditors and genuineness of transactions of unsecured loan viz-a-viz payment of interest thereon - CIT(A) confirmed addition - HELD THAT:- As CIT(A) noted that since the source of companies was doubtful, therefore, the same was rightly added by the AO u/s 68 of the Act. The learned CIT(A) while confirming the second part of addition also concluded that since the loans has been treated as bogus, the interest also rightly disallowed by the AO. CIT(A) has right to relied on the judgment of Mihir Kanti Hazra [2015 (5) TMI 319 - CALCUTTA HIGH COURT] wherein it was held that “it is now well settled that the creditworthiness of the alleged creditors and the source of the source are relevant enquiries.” We unable to see any valid reason to interfere with the findings recorded by the CIT(A) while confirming both the additions. Decided against assessee.
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