| |
| The Tax Publishers2019 TaxPub(DT) 1764 (Pune-Trib) INCOME TAX ACT, 1961
Section 68
AO should examine the cash flow statement of loan account to SB account of loan provider and if the amounts and debts were matching to the cash received by assessee as loan, claim of assessee, might be allowed after examining the documents, additional evidences and the submissions of assessee, thus, matter was remanded back to AO for deciding the issue afresh.
|
Income from undisclosed sources - Unexplained cash deposits found in bank account of assessee - Validity -
Assessee was engaged in business of manufacturing and selling of garments. AO made an addition on account of cash deposit found in bank account of assessee as unexplained cash credit under section 68. Assessee submitted that the said cash was received from his brother in the form of loan which was not found satisfactory by AO. CIT(A) confirmed the said addition and dismissed the appeal of assessee.Held: SB account of the creditor of assessee, assumes from significant for deciding the issue meaningfully. AO should examine the cash flow statement of loan account to SB account of loan provider and if the amounts and debts were matching to the cash received by assessee as loan, claim of assessee, may be allowed after examining the documents, additional evidences and the submissions of the assessee in the remand proceedings. Accordingly, matter was remanded back to AO for deciding the issue afresh.
REFERRED :
FAVOUR : In assessee's favour by way of remand.
A.Y. :
 SUBSCRIBE FOR FULL CONTENT
|