GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
What's New Case Laws Highlights Articles News Forum Short Notes Statutory TMI SMS More ...
Extracts
Home List
← Previous Next →

2016 (7) TMI 958 - ALLAHABAD HIGH COURT

2016 (7) TMI 958 - ALLAHABAD HIGH COURT - TMI - Unexplained cash credit - Held that: - On affirmation by the Tribunal, we find that the burden of proof had been clearly discharged satisfactorily relating to the capacity of the creditors. - Decided in favour of assessee. - Income Tax Appeal No. - 72 of 2016 - Dated:- 5-7-2016 - Hon'ble Amreshwar Pratap Sahi And Hon'ble Dr. Vijay Laxmi,JJ. For the Appellant : Manish Misra ORDER Heard Sri Manish Misra, learned Counsel for the appellant. The .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

x nor the Appellate Tribunal has appreciated the same. The second contention is that the Commissioner of Income Tax has committed a manifest error by entertaining fresh evidence and then, proceeded to treat them as genuine without examining it independently. The third contention is that the Assessee had failed to disclose the source of the depositors or the capacity of the creditors and therefore, the transactions which were sham were clearly designed to evade tax which has not been appreciated .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the amounts were unexplained, particularly with regard to the identity and capacity of the said persons who had advanced the loan. The Commissioner of Income Tax after having noticed all details and judgments that were cited entertained the details of deposits and the lenders and then arrived at the following findings:- "I have examined the finding given by A.O. in assessment order, written submissions filed by the appellant during appellate proceedings and papers/documents, confirmations t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n to prove the identity, credit worthiness and genuineness of creditors, by furnishing the confirmations, copy of PAN, copy of ITR, copy of bank account and details of cheques received from lenders showing the details of TDS on interest payment on the loans obtained by appellant which were treated by A.O. as unexplained u/s 68 of I.T. Act, 1961. Further the appellant has also filed the copy of audit report alongwith its annexures and explained that the appellant has shown and claimed interest on .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ame of different creditors were duly paid and these said creditors have duly shown the interest income and TDS in their respective ITR for the period under consideration. Looking into these facts & circumstances, papers/documents filed during appellate proceedings and written submissions of appellant, I find that the action of A.O. in treating the loan amount received from different persons which was either credited in his capital account by appellant directly or recorded in the books of acc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

above the papers/documents which were received during appellate proceedings alongwith written submission of appellant, have been sent to A.O. for remand report and it was the duty of A.O. to submit the comprehensive remand report within the time provided but the A.O. did not make the compliance of the letters issued by this office. As mentioned supra the appellant has filed confirmation letters and bank statement in support of his version that from where the money was received by the appellant, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Advanced Search


Latest Notifications:

    Dated      Category

20-7-2017 Cus (NT)

20-7-2017 GST CESS Rate

19-7-2017 IT

19-7-2017 IT

18-7-2017 IT

18-7-2017 CE (NT)

18-7-2017 CE

18-7-2017 GST CESS Rate

15-7-2017 Kerala SGST

14-7-2017 Andhra Pradesh SGST

14-7-2017 Cus (NT)

14-7-2017 Cus

13-7-2017 Co. Law

13-7-2017 Co. Law

13-7-2017 ADD

13-7-2017 ADD

12-7-2017 Jammu & Kashmir SGST

12-7-2017 Gujarat SGST

12-7-2017 Gujarat SGST

12-7-2017 CGST Rate

More Notifications


Latest Circulars:

21-7-2017 Goods and Services Tax

20-7-2017 Goods and Services Tax

20-7-2017 Goods and Services Tax

19-7-2017 Goods and Services Tax

19-7-2017 Income Tax

18-7-2017 Customs

17-7-2017 Customs

14-7-2017 Income Tax

13-7-2017 Central Excise

13-7-2017 Customs

More Circulars



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version