INCOME TAX ACT, 1961

Section 68

Income from undisclosed sources - Addition under section 68 - Receipt of unsecured loan discrepacny in certain documents filed by assessee with regard to loan creditor - Assessee duly proved identity, creditworthiness and genuineness

Assessee received unsecured loan from certain parties. AO after considering relevant submissions of assesseed and also taken note of details furnished and discrepancy in certain documents filed by assessee with regard to loan creditor concluded that assessee had failed to prove identity and creditworthiness of the parties and genuineness of transactions and accordingly, made addition of loan amount under section 68.Held: Discrepancy in certain documents filed by assessee with regard to loan creditor had nothing to do with transactions with assessee. Assessee having filed necessary evidences such as confirmation letter, copies of ITR and bank statements of loan creditor duly proved identity and creditworthiness of loan creditor and genuineness of loan transactons and hence, there was no reason to make addition under section 68.

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2013-14

INCOME TAX ACT, 1961

Section 69C

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