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| The Tax Publishers2020 TaxPub(DT) 2101 (Pune-Trib) INCOME TAX ACT, 1961
Section 68
Against addition made for unexplained cash credit of Rs. 40 lacs, explanation of assessee towards Rs. 29 lacs as loan taken was accepted and matter was remanded to file of AO for verification of assessee's arguments i.e. cash withdrawals from the account of the assessee constitutes source of cash of Rs. 11 lakhs.
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Income from undisclosed sources - Unexplained cash credit - Remand of matter for part addition claimed by assessee to be withdrawals in cash from its account as source of same -
Assessee claimed taking loan of Rs. 40 lakhs and payment of interest thereon in three assessment years. Allowability of the same were issues in instant appeals. Held: Explanation of assessee was acceptable so far as first installment loan of Rs. 20 lakhs was concerned and to that extent, loan of Rs. 20 lakhs stood explained. Regarding second credit of Rs. 20 lakhs, to extent of Rs. 9 lakhs received from a Vishal Transport, explanation was acceptable. In relation to cash deposit of Rs. 11 lakhs, there was requirement of investigation into the source of cash deposits in the bank account. Accordingly, matter was remanded to file of AO for verification of assessee's arguments, i.e. cash withdrawals from the account of the assessee constitutes source of cash of Rs. 11 lakhs.
REFERRED :
FAVOUR : Matter remanded
A.Y. :
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