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2018 (5) TMI 806 - HC - Income TaxAddition u/s 68 - assessee not liable to establish source of the source or the credit worthiness of the source of the source - Held that:- A clear cut finding and accordingly the ground relating to addition of ₹ 28 lakhs of the assessee has been dealt with while deciding Revenue's appeal, and deletion of ₹ 12 lakhs was confirmed. In respect of unsecured loan taken by the assessee from Shree Shyam Polymers, this depositor has shown meagre income in his return, no interest is provided and appellant has failed to prove identity and creditworthiness of this depositor. This depositor, who is a director in appellant company has shown income of only ₹ 1,49,301/- in its return and capital is only ₹ 9,27,309/- and in these circumstances creditworthiness of depositor is not proved for giving a credit of ₹ 16,39,960/-. The learned Authorities also found that huge cash deposits were seen in bank account of M/s. Shree Shyam Polyers in Citi Bank account No.0-000449-547 before making cheque payments to appellant - assessee which raises serious doubts on the genuineness of these transactions. On due consideration of the aforesaid and findings recorded by the learned Appellate Authority which is based on appreciation of evidence on record and documents filed by the appellant, no case is made out to interfere with the well reasoned order passed by the ITAT. No substantial question of law
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