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2020 (6) TMI 583 - AT - Income TaxUnexplained expenditure in the purchase of gold bullion u/s 69C - HELD THAT:- AO grossly erred in making addition for unexplained expenditure u/s 69C based on incorrect item movement analysis sheet which at the later stage during the remand proceedings were correctly filed by the assessee and duly accepted by the assessing officer. we find no infirmity in the finding of Ld. CIT(A) deleting the addition made by the Ld. AO u/s 69C of the Act on account of unexplained expenditure. Thus, ground No.1 of the revenue’s appeal stands dismissed. Unexplained loan creditors u/s 68 - HELD THAT:- Assessee to the best of his ability has furnished requisite documentary evidences to prove identity, genuineness and creditworthiness of the 13 cash creditors from whom loan stood taken at the close of the year. It is also noteworthy that out of 13 cash creditors 10 have appeared before the AO and explained the transactions and for the remaining three cash creditors even though necessary details were filed but they could not appear but the facts remains that transactions were carried out through banking channel confirmation account with PAN and address were filed and the loans have been repaid in subsequent year/years - AO has not carried out any further investigation nor pointed out any instance from the bank statement or other documents of these 3 cash creditors to raise suspicion about the genuineness of the loan transactions. If the assessee filed ample evidences to discharge the burden carted upon him and the assessing officer fails to bring any material on record to show that explanation filed by the assessee are unsatisfactory, then addition u/s 68 of the Act for unexplained cash creditors is not justified. Personal appearance of 10 cash creditors out of 13 cash creditors and in the remaining 3 cases also the loan taken has been repaid in subsequent years and all the necessary documentary evidences stands filed, we, are of the considered view that the CIT(A) has rightly deleted the addition for unexplained cash credit u/s 68 - Decided against revenue.
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