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2023 (12) TMI 869 - ITAT DELHIAddition u/s 68 - assessee has received the amount in dispute as unsecured loan - as per DR assessee has failed to prove through supporting evidences that the amount of Rs. 35 lakhs was towards repayment of loan - HELD THAT:- Assessee had advanced an amount to the said entity through cheque on 23.06.2008. The said amount was repaid to the assessee in two tranches respectively. Even the repayments to the assessee were through banking channel. Though, FAA has alleged that interest received on such advance has not suffered TDS and no documentary evidences have been furnished to establish the fact that the interest income was received, however, the materials on record are to the contrary. From the evidences furnished as observed that the assessee has received interest on the advances and after deduction TDS assessee has offered the net interest amount of Rs. 4,12,042/-. Pertinently, though, AO has accepted the amount of Rs. 15 lakhs received by the assessee from the very same entity, strangely enough, he has treated the balance amount of Rs. 35 lakhs as unexplained cash credit. This, in our view is unsustainable. Since, the source of credit in the books of the assessee is well explained; we are of the view that the addition made is unsustainable. Accordingly, we delete the addition - Decided in favour of assessee.
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