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2021 (3) TMI 397 - ITAT CHANDIGARHAddition u/s 68 - Unexplained cash credit - proof of identity as well as credit worthiness of the creditor and genuineness of the transaction - HELD THAT:- In the present case it is not in dispute that the assessee received the loan from M/s Vastech Solution through banking channel, copy of the details of loan received through cheques of Axis Bank of the assessee's compilation which is copy of the ledger account of M/s Vastech Solution in the books of the assessee company, the said ledger account reveals that the assessee company not only received the amount through cheques but also made the payments. The A.O. as well as the Ld. CIT(A) doubted the amount received by the assessee but no eyebrow was raised on the payments made by the assessee to M/s Vastech Solution during the year relevant to the Assessment Year under consideration. It is also noticed that the firm M/s Vastech Solution was filing the returns of income and copy of the receipt of income tax return for the assessment year under consideration i.e A.Y. 2013-14 is placed at page no. 13 of the assessee's paper book wherein the total taxable income was declared at ₹ 1,69,080/- and the tax payable was ₹ 52,246/-. The said return was signed by one Shri Nitendra Tiwari in capacity of the partner on 31/03/2014, therefore the identity of the firm M/s Vastech Solution cannot be doubted. The said firm also confirmed the loan given to the assessee to the A.O. copy of the said confirmation is placed at page no. 19 of the assessee's compilation. We therefore considering the peculiar facts of the present case, are of the view that the addition made by the A.O. and enhanced by the Ld. CIT(A) was not justified, accordingly the same is deleted.
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