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2015 (7) TMI 981 - AT - Income TaxAddition made u/s. 68 - Held that:- The unsecured loans received during the year of ₹ 3,00,000/- have been held to be unexplained cash-credits within the meaning of section 68 of the Act. We find that in the impugned assessment, which has been affirmed by the CIT(A) also, there is no material referred by the Assessing Officer which came to his notice subsequent to the assessment order dated 28.03.2003(supra). Pertinently, in the assessment order dated 28.03.2003 (supra), the statement of Shri Nitin J. Rughani sought to be relied upon by the Assessing Officer in the impugned assessment, was very much available and it is not a new material. In fact, in the course of the assessment dated 28.03.2003 (supra), the Assessing Officer carried out detailed enquiries including examination of the concerned parties u/s 133(1) of the Act. An affidavit was also filed by Shri Nitin J. Rughani pointing out that so far as the transactions relating to the assessee were concerned, the same are genuine. All these assertions have been made before the CIT(A). So however, we find that the CIT(A) has glossed over the same and he has merely referred to the material with the Assessing Officer prior to the finalization of assessment order dated 28.03.2009(supra). Ostensibly, such material was put to verification by Assessing Officer and only thereafter, he has accepted the transactions as genuine in the assessment dated 28.03.2003 (supra). Considering the entirety of facts and circumstances of the present case, we are unable to uphold the assertions of the Assessing Officer that the unsecured loans of ₹ 3,00,000/- received by the assessee during the year under consideration were unexplained within the meaning of section 68 of the Act. As a consequence, we set aside the order of CIT(A) and direct the Assessing Officer to delete the addition of ₹ 3,00,000/-. - Decided in favour of assessee.
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