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| The Tax Publishers2020 TaxPub(DT) 0133 (Ind-Trib) INCOME TAX ACT, 1961
Section 68
Assessee by filing various evidences such as loan confirmations. Copy of ITR of loan creditors, proof of source of income, Bank statements and affidavits, etc., had discharged onus to prove genuineness of concerned loan and identity and creditworthiness of lenders. Also, there was no evidence against creditors to prove that they were providing accommodation entries, thus, mere deposits of money by creditor on same day in their bank account did not establish that loan was not genuine and, therefore, AO was not justified in making addition under section 68.
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Income from undisclosed sources - Addition under section 68 - Receipt of unsecured loan - Immediate deposit of cash in bank account of lender before giving loan to assessee--Assessee proved identity, genuineness and creditworthiness
Assessee-company recceived unsecured loan from certain parties. AO noticed immediate deposit of cash in bank acount of lender before giving loan to assessee. Accordingly, AO treated loan amount received by assessee as unexplained credit and made addition under section 68.Held: Assessee by filing various evidences such as loan confirmations. Copy of ITR of loan creditors, proof of source of income, Bank statements and affidavits, etc., had discharged onus to prove genuineness of concerned loan and identity and creditworthiness of lenders. Also, there was no evidence against creditors to prove that they were providing accommodation entries thus, mere deposits of money by creditor on same day in their bank account did not establish that loan was not genuine and, therefore, AO was not justified in making addition under section 68.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
IN THE ITAT, INDORE BENCH
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