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2018 (12) TMI 1135 - AT - Income TaxAddition u/s 68 - genuineness of loan - Held that:- When the assessee has produced the director before the learned assessing officer but after the assessment order has been passed one day prior to the appearance by the director of the lender company, in the interest of justice, the matter is restored back to the file of the learned assessing officer with a direction to the assessee to produce the director of the lender company before the assessing officer along with any other detail which assessee would like to substantiate the transaction. AO is further directed to examine the details furnished by the assessee as well as the director of the lender company and decide the issue afresh. We further direct the learned assessing officer to not to get influenced by the observation of the learned CIT-A about the nil income of the lender because there may be any other source available with the company to advance loan to the assessee. He may examine the issue for ascertaining the creditworthiness of the lender and genuineness of the transaction. In the result ground number 1 of the appeal of the assessee is allowed with above direction.
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