Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 1630 - AT - Income TaxAdditions on account of unsecured loan - Held that:- As considering the fact that the Revenue has been accepting the loan creditors in the earlier years and also in the subsequent years as envisaged by the ld AR, we are of the opinion that the loan creditors have substantiated their sources in affidavits which was not disputed and was accepted by the lower authorities. - Considering the activities of the society, objects and the utilization of the funds of the society, we are of the substantive opinion that the addition in respect of three loan creditors cannot be sustained. - Additions deleted - Thus, the ground of appeal of the assessee is partly allowed.
|