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2010 (8) TMI 59 - HC - Income TaxUnexplained cash credit - The Assessing Officer came to the conclusion that the two persons could not show their creditworthiness and therefore, made additions of Rs. 2,26,592 as unexplained cash credit. Certain other additions were also made, which included unexplained income of Rs. 37,550 and capital gain to the extent of Rs. 35,000 - Held that: - It is clear from the amounts of gifts that these are small amounts given by the relatives - findings of the Tribunal are totally perverse as the cogent and supportive evidence is not looked into or considered. The aforesaid evidence clinches the issue in favour of the assessee, who had duly explained the cash received in the accounts of Mrs. Yojana Garg and Mr. Rajiv Garg from where the payments were made - decided in favor of assessee
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