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2014 (5) TMI 190 - ITAT AHMEDABADAddition made u/s 68 of the Act – Unexplained cash credits – Unsecured loan received – Held that:- The amount was received by the assessee as loan per account payee cheque from M/s.Kundan Traders (proprietor Shri Bipin) - creditor has confirmed the copies of the account for the relevant year as well as subsequent years - the interest amount was disclosed by the creditor in his P&L account, and was a part of the total income computed for the relevant AY 2007-08 and necessary evidences has been filed before the Tribunal - The identity of the creditor is not in dispute - the assessee has discharged its onus of proving the identity and creditworthiness of the creditor and the genuineness of the transaction of the loan to the assessee – Decided in favour of Assessee. Addition made without considering the proper and sufficient materials – Held that:- The addition on account of credit entry of M/s.Kundan Traders has been deleted – thus, no disallowance of interest to M/s.Kundan Traders could be made - the amount of credit entry of M/s.Manoj Textiles added in the earlier AY 2005-06 - the interest pertaining to M/s.Manoj Textile during the relevant year could not be disallowed – Decided in favour of Assessee.
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