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2018 (10) TMI 784 - AT - Income TaxAddition on account of unsecured loans - addition u/s 68 - Held that:- The transaction appearing in the bank passbook appears to be an accommodation entry and no evidence was filed by the assessee with regard to the credit worthiness of the person. In the case of P.Venkateswara Rao, though the assessee claimed to have earning agricultural income of ₹ 5 lakhs, no evidence was filed by the assessee for earning such huge sum. From the above details, the assessee failed to furnish any evidence with regard to the earning of such huge sums with tangible evidence such as household cards, bank pass book etc.. Since the Ld.AR did not controvert the findings given by the Ld.CIT(A) with reliable evidence, we do not find any reason to interfere with the order of the Ld.CIT(A) and we uphold the order of the Ld.CIT(A) and dismiss the appeal of the assessee.
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