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2019 (1) TMI 696 - AT - Income TaxAssessment u/s 153A - addition u/s 68 - absence of incriminating documents - Held that:- The only ground of the Assessing Officer is that these are accommodation entries, however the Assessing Officer has not pointed out any discrepancy in the documentary evidence filed by the assessee either in the bank account statement or in the financial statement of the loan creditors. Once the loan creditors have accepted the transactions and which is also established from the relevant record then the said documentary evidence cannot be rejected merely on the basis of the statement recorded U/s 132(4) of the Act, which is also not an admission on the part of the assessee. Statement recorded U/s 132(4) of the Act cannot be considered as an incriminating material found and seized during the search. Accordingly, in view of documentary evidence produced by the assessee which established the fact of transaction of loan taken by the assessee, their identity, capacity and genuineness being routed through the banking channel at the time of receipt as well as repayment of the loan alongwith payment of interest which was subjected to TDS, we do not find any error or illegality in the finding of the CIT(A) qua this issue, hence, we uphold the same. - Decided in favour of assessee.
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