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| The Tax Publishers2019 TaxPub(DT) 2701 (Mum-Trib) INCOME TAX ACT, 1961
Section 68
By placing evidences such as PAN, names and addresses, bank statements and audited financial statements, etc., assessee had proved identity and creditworthiness and genuieness of loan transactions in question, accordingly loan amount could not be treated as unexplained credit under section 68.
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Income from undisclosed sources - Addition under section 68 - Receipt of unsecured loan - Dentity and creditworthiness and genuineness
AO on the basis of statement recorded by Investigation Wing in case of certain entry operator treated loan amount received by assessee as unexplained credit under section 68.Held: Assessee had placed on record copy of PAN cards, complete names and addresses, copies of acknowledgement of return of income and audited financial statements of lenders. Also, assessee furnished copies of bank statements of lenders evidencing advances having been made through banking channels, thereby establishing their capacity to advance loans. Thus, assessee had discharged onus to prove identity, and creditworthiness of lenders and genuineness of the loan trnsactions, accordingly, no addition could be made under section 68.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2009-10
INCOME TAX ACT, 1961
Section 23
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