| |
| The Tax Publishers2020 TaxPub(DT) 3615 (Ctk-Trib) INCOME TAX ACT, 1961
Section 68
If assessee would have filed complete details as regards unsecured loans received by him, then liability for disregarding documents submitted by assessee would have shifted upon AO for verification which was lacking in assessee's case. Accordingly, AO was justified to subject loan amount to addition under section 68.
|
Income from undisclosed sources - Addition under section 68 - Receipt of unsecured loan - Assessee merely submitted confirmations of lenders
AO required assessee to substantiate unsecured loans received by him. Assessee submitted confirmations from loan creditors. AO being not satisfied, made addition of loan amount under section 68. Assessee contended that AO should have called loan creditors. Held: As evident from loan confirmations that assessee had not provided complete address so that AO could make correspondence with loan creditors. The address provided was incomplete like house no. street, area, etc., even PAN number was also not provided in many cases. Firstly it was duty of assessee to prove the loan. If he had filed complete details as required under section 68, then liability for disregarding documents submitted by assessee would have shifted upon AO for verification which was lacking in assessee's case. Accordingly, AO was justified to subject loan amount to addition under section 68.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2007-08
IN THE ITAT, CUTTACK BENCH
 SUBSCRIBE FOR FULL CONTENT
|