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2018 (2) TMI 1702 - AT - Income TaxAddition u/s 68 - unsecured loans received by assessee from various persons - Held that:- AO has not made proper inquiries in respect of loan creditors other than Mohit Gaur and Kanishk Sharma. In fact Ld.CIT(A) himself records that in the accounts of other loan creditors there were corresponding cash entries. Thus the credit worthiness & genuineness of transactions with remaining creditors have not been established by assessee as required u/s 68. Thus, in our view, Ld.CIT(A) was wrong in deleting the entire addition. Therefore we confirm the addition to the extent of credit entries other than of Sh.Mohit Gaur and Sh.Kanishk Sharma. - Decided partly in favour of assessee. Deemed dividend u/s 2(22)(e) - Held that:- It is not disputed that assessee had advanced loans to the company during the year under consideration and company has returned back this money to assessee. Here assessee being a share holder has advanced loans to the company, which do not fall within the ambit of provisions of s.2(22)(e) of the Act - Decided in favour of assessee
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