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2023 (10) TMI 784 - DELHI HIGH COURTUnsecured loan obtained from a trust - Addition u/s 68 r.w.s. 115BBE - HELD THAT:- Record shows that assessee had furnished details of payments made by lender trust (Dayal Trust) to the builder for the acquisition of the subject property- containing cheque numbers, dates, amounts of each installment of loan released, bank details, interest charged (rate and amount); along with confirmation from the lender trust, copy of Income Tax return, balance sheet and details of the taxable income of trust. Assessee had taken a loan from Dayal Trust for the acquisition of the subject property from Emaar MGF Land Ltd. Tribunal has adverted to the evidence placed on record which is the subject matter of the remand report of the AO. According to us, the addition made by the AO was not called for in the instant case. Assessee had been able to place the relevant material to back his explanation that the entry in its books of accounts was nothing but a loan extended by Dayal Trust. No substantial question of law.
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