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2015 (6) TMI 706 - AT - Income TaxUnexplained cash credits u/s. 68 - CIT(A) deleted the addition - Held that:- The assessee established the genuineness of the transaction of both the creditors since the loan was taken by account payee cheque and credited to the bank account of the assessee hence clear transaction was effected through banking channel. The creditworthiness of the creditors were filed by copy of relevant bank account of the creditors, the bank account, complete address of the holder and clearing cheque of the creditors are available in the copies of such cash. The assessee had thus prima facie established that all three ingredients for proving the cash credit introduced. This finding is not controverted by the Revenue by placing any material to disproving the same. Since this issue is well settled by various judicial pronouncements in the case of cash credits, the assessee has to establish identity of the creditors, the creditworthiness of such creditor and the genuineness of the transaction. In this view of the matter, we do not find any infirmity into the order passed by Ld. CIT(A). - Decided against revenue. Disallowing the interest paid on unsecured loan - CIT(A) deleted the addition - Held that:- The fact that amount of ₹ 1.15 crores was the opening balance of loans taken from the financial year 2005-06 onwards and the same was never considered as unexplained credits u/s. 68 of the Act and this fact is not controverted by the Revenue, in this view of the matter, we do not find any infirmity into the order passed by Ld. CIT(A), hence, this ground of Revenue’s appeal is dismissed.- Decided against revenue.
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