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| The Tax Publishers2020 TaxPub(DT) 3364 (Mum-Trib) INCOME TAX ACT, 1961
Section 68
Where AO made addition on account of unexplained cash credit under section 68 in respect of loans taken by assessee from certain parties. doubting creditworthiness and genuineness, matter was restored to AO for deciding afresh in view of additional evidences filed before CIT(A) such as bank statements of creditors along with PAN details and confirmations.
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Income from undisclosed sources - Addition under section 68 - Receipt of unsecured loan - AO doubted genuineness and creditworthiness--Assessee filed additional evidences before CIT(A)
AO made addition on account of unexplained cash credit under section 68 in respect of loans taken by assessee from certain parties. doubting creditworthiness and genuineness. Held: Assessee had filed additional evidences before CIT(A) such as bank statements of creditors along with PAN details and confirmations. Taking into consideration entirety of facts, matter was restored to AO for deciding afresh after considering additional evidences filed by assessee before CIT(A).
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2011-12
INCOME TAX ACT, 1961
Section 68
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