| |
| The Tax Publishers2020 TaxPub(DT) 4461 (Del-Trib) INCOME TAX ACT, 1961
Section 68
Assessee by filing ITR, bank statements and confirmations of lenders discharged primary onus under section 68 as regards loans received from various parties and revenue not having acted upon such evidences to bring anything contra, addition made by AO under section 68 could not be sustained.
|
Income from undisclosed sources - Addition under section 68 - Receipt of unsecured loans - Assessee proved identity, creditworthiness and genuineness
AO treated unsecured loan amount received by assessee as unexplained credit under section 68. Assessee's case was that income of assessee had been estimated by calculating gross profit hence, no separate addition was called for on account of unsecured loans. Held: Unsecured loans being balance sheet item do not have impact on estimation of gross profit as they do not constitute a part of the trading account. Hence, issue of unsecured loans was to be adjudicated independently on the merits of case. Assessee by filing ITR, bank statements and confirmations of lenders discharged primary onus under section 68 as regards loans received from various parties and revenue not having acted upopn such evidences to bring anything contra, addition made by AO could not be sustained.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
INCOME TAX ACT, 1961
Section 36(1)(iii)
 SUBSCRIBE FOR FULL CONTENT
|