Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 627 - AT - Income TaxAddition u/s 68 - AO has noted from the balance sheet that the assessee had obtained unsecured loan from Sri Bandaru Srinivasa Rao during the year - CIT- A deleted the addition - HELD THAT:- Considering the specific finding given by the ld. CIT(A) and also by considering the facts and circumstances of the case we are of the opinion that the assessee has discharged the burden casted upon him by producing all the relevant details before the AO - AO is not correct in making the addition on the ground that the creditor has no source to advance the funds to the assessee in spite of specific confirmation letter given by the creditor and in 131 examination he admitted that he advanced the loan to the assessee and also explained the source for the advance. No reason to interfere with the order passed by the ld. CIT(A). Thus, this appeal filed by the Revenue is dismissed.
|