| |
| The Tax Publishers2020 TaxPub(DT) 3260 (Del-Trib) INCOME TAX ACT, 1961
Section 68
Though assessee filed some evidences before AO, however, source to extend such huge amount as loan to assessee was not substantiated. In the interest of justice issue regarding addition under section 68 was restored to AO with direction to give one more opportunity to assessee to substantiate with evidence to his satisfaction regarding identity and creditworthiness of loan creditor and genuineness of loan transaction.
|
Income from undisclosed sources - Addition under section 68 - Receipt of unsecured loan - Assessee having failed to produce director of lending company before AO claiming to have produced other evidences
Assessee obtained loan of Rs. 1.15 crores from M/s B. AO required assessee to produce director of lending company before him. Assessee filed some papers/documents before AO, however, assessee failed to produce directors of M/s. B accordingly, AO treated loan amount as unexplained credit under section 68. Held: Though assessee filed some evidences before AO, however, source to extend such huge amount was not substantiated. In the interest of justice, issue was restored to AO with direction to give one more opportunity to assessee to substantiate with evidence to his satisfaction regarding identity and creditworthiness of loan creditor and genuineness of loan transaction. Assessee was directed to produce Managing Director/Director of M/s. 'B' for his examination.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2010-11
 SUBSCRIBE FOR FULL CONTENT
|