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| The Tax Publishers2020 TaxPub(DT) 3930 (Kol-Trib) Income Tax Act, 1961
Section 68
Since assessee discharged onus to prove identity and creditworthiness of lender and genuineness of concerned loan amount and , therefore, addition of loan amount under section 68 could not be sustained merely based on inferences drawn by statement of ex-director of lender company.
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Income from undisclosed sources - Addition under section 68 - Receipt of unsecured loan - Assessee dischargedonus to prove identity and creditworthiness of lender and genuineness of concerned loan
Assessee received unsecured loan from M/s G. AO based on statement of ex-director of M/s G recorded during search in case of said concern, treated loan amount as bogus unexplained credit under section 68. Held: Assessee furnished copy of loan confirmation of accounts given/issued by M/s. G in respect of loan given to the assessee , Copy of bank statement (Axis Bank) of M/s. G, Schedule of repayment of home loan (principal + interest @ 10% p.a) by assessee to M/s. G corroborated by bank statement of the assessee, copies of loan agreement with M/s. G. audited P & L account, Balance Sheet of M/s. G.K. Ispat Ltd., (source of source). Thus, assessee discharged onus to prove identity and creditworthiness of lender and genuineness of concerned loan amount and , therefore, addition could not be sustained merely based on inferences drawn by statement of ex director.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2016-17
IN THE ITAT, KOLKATA BENCH
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