Need case law
This query is : Resolved
03 April 2010
Can someone give me the citations of case laws for section 68 in favour of assessee wherein ITOs assessment of making addtion of unsecured loan for not proving the credentials and capacity of the money lender was rejected by the higher authority ? Assessee provided the pass-book of money lender but since the money lender was not assessed to income tax could not provide his ROI but transactions are genuine.
04 April 2010
The Mathrubhumi Printing & Publishing
Co. Ltd. v. DCIT (ITA Nos.
143 & 144/Coch/2006)
Once source is proved, it is not
possible to treat deposits as unexplained
When the scheme of financing
adopted by the assessee company is
explained in a convincing manner, it is
not fair on the part of the lower authorities
to treat a part of the deposits
as unexplained only for the reason
that inch-by-inch documentary particulars
were not furnished before them in
respect of that remainder deposits.
Co. Ltd. v. DCIT (ITA Nos.
143 & 144/Coch/2006)
Once source is proved, it is not
possible to treat deposits as unexplained
When the scheme of financing
adopted by the assessee company is
explained in a convincing manner, it is
not fair on the part of the lower authorities
to treat a part of the deposits
as unexplained only for the reason
that inch-by-inch documentary particulars
were not furnished before them in
respect of that remainder deposits.
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