Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 1034 - AT - Income TaxUndisclosed investment in money lending business - Assessee is an individual having only source of income from agriculture - Held that:- As far as the addition on unaccounted investment is concerned the assessee had sufficient accumulated funds, opening bank balance as well as income earned during the year which could justify the source of the cash deposited on various dates and also to explain the source of alleged unaccounted investment of ₹ 4,65,024/- and in our view the same needs to be deleted. As regards the interest income addition is concerned, we do not find any reason to interfere in the findings of the lower authorities as no plausible reasons have been given by the Ld. Counsel for the assessee for giving such short term advances which are ranging from 1 month to 6 month without changing any interest and therefore the addition for alleged interest income of ₹ 55,083/- needs to be confirmed. - Decided partly in favour of assessee
|