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2016 (7) TMI 534 - ITAT MUMBAIAddition u/s 68 - Held that:- CIT(A) has rightly deleted the addition of ₹ 15,00,000/- on the basis of this fact that the HUF has given loan to one Shri Bhushan Nemlekar in A.Y.2003-04 and 2004-05 of ₹ 15,00,000/- which were reflected in balance sheet. The bank statement also speaks about the entry on various dates. Mr. Bhushan Nemlekar has repaid ₹ 15,00,000/- to the HUF on 13.11.2009 and the same amount has been transferred by account payee cheque from the HUF A/c. to Shri Subodh Nemlekar on the same day. Therefore, the source of credit is the loan which were given by the HUF to one Mr.Bhushan Nemlekar. Immediately after receipt of the same amount, the amount was transferred in the accounts of the assessee. The creditworthiness and genuineness of the loan has duly been proved on record. Therefore, in the said circumstances the CIT(A) has rightly deleted the addition of ₹ 15,00,000/- u/s.68 of the Act. So far as the question of deletion of remaining amount i.e. ₹ 5,00,000/- added u/s.68 of the Act is concerned. There is no explanation on behalf of the assessee. The fact remains the same as stated by the Assessing Officer in his order. - There is no proper explanation in this regard as to why the cash was deposited in the account of payee just one or two days before the transaction. - Addition confirmed.
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