The Tax Publishers2020 TaxPub(DT) 2613 (Kol-Trib)

INCOME TAX ACT, 1961

Section 68

Assessee by furnishing ITR, balance-shet profit and loss computation. ITR, Balance Sheet, Profit & Loss, computation, and ledger copies along with bank statements, of loan creditors, etc. proved identity and creditworthiness of loan creditors and also genuineness of concerned loan transaction and accordingly, AO was not justified in taxing loan amount under section 68 on the mere basis of investigation report.

Income from undisclosed sources - Addition under section 68 - Receipt of unsecured loan - Assessee proved identity, creditworthiness and genuineness

AO based on information emanated from investigation wing treated unsecured loan received by assessee as unexplained credit received from alleged entry operators and accordingly, made addition under section 68.Held: Assessee by furnishing ITR, balance-shet profit and loss computation. ITR, Balance Sheet, Profit & Loss, computation, ledger copies along with bank statements, of loan creditors their MOA AoA, address proof and loan confirmation proved identity and creditworthiness of loan creditors and also genuineness of concerned loan transaction and accordingly, AO was not justified in taxing loan amount under section 68 on the mere basis of investigation report.

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2015-16

INCOME TAX ACT, 1961

Section 133A

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