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2024 (4) TMI 312 - ITAT CHENNAIUnexplained cash credit - Addition u/s 68 - assessee received unsecured loans from various parties - CIT(A) deleted addition - HELD THAT:- Assessee established complete chain of flow of funds by way of elaborate written submissions during the course of appellate proceedings. The relevant ledgers were also furnished. Assessee has received unsecured loans from 3 entities. The source of the same was commission received from Kawarlal & sons and M/s D.K. Enterprises which are group concerns of the assessee. These two concerns have surrendered income before Hon’ble ITSC and therefore, the impugned additions have been taxed at source itself. The assessee has established clear chain of funds to substantiate this fact. The assessee has also filed necessary details including income offered before settlement commission in the name of group companies and further clarified that group Companies had paid commission to above entities of Umed Mehta. Considering all these facts, CIT(A) held that impugned credits stood subjected to tax and covered by Settlement application. Except for mere allegations, the remand report is unable to controvert all these findings. In such a situation, we see no reason to interfere in the impugned order. Decided against revenue.
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