Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 840 - ITAT HYDERABADAdditions made u/s 68 of the Act – Unexplained credits – Creditworthiness of documentary evidence - Held that:- The Assessee has demonstrated the identity and creditworthiness of the creditors and genuineness of the transactions as the transactions done through banking channel - the Assessee repaid the loans taken by him from the creditors - There is also no incriminating material in the search proceedings and all the credits were old and repaid by the time of search – thus, the additions made by the AO and the CIT(A) is not proper – Decided in faovur of Assessee.
|