Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
The AO called the assessee to explain why the above claim of unsecured loan from the above three persons shall be treated as unexplained cash credit u/s 68 of the Act. In response to show cause notice, the assessee submitted details of cheque nos. by which credits were received and also the details of cheque nos. by which the assessee trust made the repayment to the creditor. The assessee also submitted confirmation from Ms Rakhee Agarwal and Ms Charu Jain but it could not submit confirmation from Ms Rajrani Kainth as she was no more at the time of assessment. The AO held that the explanation advanced by the assessee was found to be not satisfactory and the claim of unsecured loan of Rs.5,70,000 was treated as unexplained cash credit u/s 68 of the Act and the same was added to the total income of the assessee.
Citation :
The Gurukul Trust C/o Sh. Anup Sharma, Advocate, 108, Lawyer’s Chamber, Delhi High Court,New Delhi-110003 (PAN: AAATT3993R) Vs. ADIT (E), Trust Circle-IV, New Delhi. Appellant by: Shri Anoop Sharma, M. Giri Respondent by: Mrs. Shumana Sen, Sr. DR
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