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2020 (1) TMI 657 - HC - Income TaxAssessment u/s 153A - unexplained Cash Credit u/s.68 - HELD THAT:- Proceedings were initiated under Section 153A of the Act. In the course of the search undertaken by the Department, nothing incriminating was found or recovered from the assessee, and in the course of the assessment proceedings, AO took notice of the fact that the assessee had obtained a loan of ₹ 7.30 Crore from one Manaksia Trexim Pvt. Ltd based at Calcutta. AO got the matter inquired through the Investigating Wing of the Calcutta, and the inquiry revealed that loan was in fact advanced. The source of the loan was also explained. Thus, it was confirmed that the assessee had received funds from Manaksia Trexim Pvt. Ltd, one of its own groups. The Tribunal also notes that no incriminating document was found and seized from the premise of the assessee during the assessment proceedings. There are questions of fact which have been resolved by the CIT (A) as affirmed by the Tribunal.
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