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2014 (5) TMI 1222 - AT - Income TaxAddition u/s 68 - Unsecured loan - onus to prove - addition on statement of one Sri Ramdinesh Ranjit Sharma. HELD THAT:- in the case of Amit Kumar S. Agarwal [2013 (1) TMI 1041 - ITAT AHMEDABAD] almost on identical situation the provisions of Section 68 were invoked and the AO had made the addition. In that case as well the proceedings were initiated on the basis of the statement of Sri Ramdinesh Ranjit Sharma. That statement was recorded consequences upon a survey conducted on Sri Lalit S. Sharma, as discussed by the AO in the appeal in hand. In short, we can conclude that on identical facts and circumstances when a view has been taken in assessee’s favour then there is no occasion to depart from that view but to follow the same. Moreover, we have noted that the assessee has duly discharged his primary onus of placing on record the confirmation letters, PAN details, cheque details, bank transactions through which the loans taken. The assessee has informed that those parties were existing tax payers. Importantly, it has also been informed that the interest was paid to those parties by the assessee and the TDS was deducted. Further the loans were repaid in a subsequent years through City Bank transaction. Under the totality of the facts and circumstances of the case, we therefore uphold the view of learned CIT(A) and dismiss this ground of the Revenue.
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