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2018 (1) TMI 1144 - AT - Income TaxAddition invoking the provisions of section 68 in respect of loan credit - genuineness of transaction proved - Held that:- We find that the assessee has produced copy of Pan Card, Income Tax returns acknowledgement, letter from RBI, Bank statements depicting this entry of loan of ₹ 1.50 crore, auditor report, financial statements etc. to prove the creditworthiness of the party, genuineness of transaction and sources of transaction. We find that in earlier years i.e. AY 2010-11 also, the assessee has obtained loan of ₹ 1.12 crores from the same party, wherein exactly on identical circumstances CIT(A) deleted and further, Tribunal has confirmed the order of CIT(A). Sr. Departmental Representative could not controvert how genuineness of transaction is not proved. In view of the above facts and circumstances and the issue is consistently allowed in favour of assessee, respectfully following Tribunal orders in earlier years, we confirm the order of CIT(A) deleting the addition. The appeal of Revenue is dismissed.
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