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2020 (10) TMI 351 - ITAT DELHIAddition u/s 68 - short-term advance receipts - HELD THAT:- We are of the view that assessee company has received a short-term advance from M/s Birch Vinimay Pvt Ltd. and repaid the same amount vide cheque in Account UCO Bank by the assessee to the aforesaid said company and the same has been entered in the books of accounts of the assessee. The Leger account of M/s Birch Vinmay Private Limited also establish the same. Therefore, we are of the view that since the assessee has repaid the advance through proper banking channel and M/s Birch Vinmay Private Limited has shown the same in its Ledger Account, therefore, no addition can be made in the hands of the assessee u/s. 68 hence, the same deserve to be deleted. The amount in dispute is a short term loan which was duly repaid by the assessee through proper banking channel to M/s Birch Vinmay Private Limited, hence, in our considered view the addition in dispute was wrongly been made in the hands of the assessee which needs to be deleted. Therefore, we delete the addition in dispute. - Decided in favour of assessee.
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