| |
| The Tax Publishers2020 TaxPub(DT) 4913 (Mum-Trib) INCOME TAX ACT, 1961
Section 68
As regards receipt of unsecured loan, assessee by filing loan confirmation, bank statement of lender, acknowledgement of ITR, TDS certificate qua interest paid on loan, etc., proved identity and genuineness of transactions and creditworthiness of lender and therefore, AO was erred in treating loan amount as unexplained credit merely based on information emanated from Investigation Wing.
|
Income from undisclosed sources - Addition under section 68 - Receipt of unsecured loan - Assessee proved identity and creditworthiness of lender and genuineness of transaction
AO based on information emanated from investigation wing, treated loan amount received by assessee from alleged entry operators as unexplained credit under section 68.Held: Assessee by filing loan confirmation, bank statement of lender, acknowledgement of ITR, TDS certificate qua interest paid on loan, etc., proved identity and genuineness of transactions and creditworthiness of lender and therefore, AO was erred in making additions towards unsecured loan under section 68.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13 & 2013-14
IN THE ITAT, MUMBAI BENCH
 SUBSCRIBE FOR FULL CONTENT
|