Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (9) TMI 1005 - GUJARAT HIGH COURT

2016 (9) TMI 1005 - GUJARAT HIGH COURT - TMI - Addition on account of unsecured loans from sister concerns - genuineness of the transactions - Held that:- The assessee has discharged its liability to establish that the transactions were genuine. In absence of certain records which were destroyed due to floods, the assessee had produced alternative materials and evidences which were found to be satisfactory. - Decided in favour of assessee. - Tax Appeal No. 602 of 2016 - Dated:- 26-7-2016 - Akil .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rns in the face of the facts that the assessee could not produce any corroborative details in regard to unsecured loans and that the genuineness of the transactions was not proved even though all the creditors were sister concerns of the assessee 3. The issue pertains to addition of ₹ 68.45 lakhs made by the Assessing Officer on account of unsecured loans from sister concerns under section 68 of the Income Tax Act, 1961. After one round, the Tribunal remanded the issue before the Assessing .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

balance sheet of the assesseecompany for the year under appeal were also appearing in the ledger accounts provided by the assessee company and the transactions claimed to be the loan transaction with the corresponding parties, which are appearing in the concerned bank accounts. Same were also found to be reflected in the bank account of the assessee company. Moreover, he observed that the balancesheets of all the persons from whom the loan were claimed to have received, were also reflected in 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

 

 

 

 

 



|| 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