Scrutiny assessement
This query is : Resolved
26 December 2011
FOR A.Y.2009-10 ASSESSMENT PROCEEDING IS GOING ON. ONE UNSECURED LOAN IS TAKEN IN A.Y.2007-08. THERE IS NO MOVEMENT IN THAT LOAN DURING A.Y.2009-10. IF WE CAN'T PRODUCE LOAN CONFIRMATION IN ASSESSMENT PROCEEDING OF A.Y.2009-10, WHETHER ASSESSING OFFICER CAN DISALLOW THAT UNSECURED LOAN AND ADD IT TO AS INCOME IN TOTAL INCOME OF A.Y.2009-10 FOR NON PRODUCTION OF LOAN CONFIRMATION? PLEASE GIVE SOME CASE LAWS REGARDING THE SAME.
26 December 2011
If you can't prove that the loan has been genuinely taken by you then why the ITO should not add the amount?
If you can give address, PAN No and the photocopy of the bank statement or pass book of the period when transaction took place, plus if you can get in writing from the drawee banker that the amount has been transferred from such person's account then only slight chances are there. The ITO may reward your efforts by considering the genuine problem in searching the lender. The reward again results into addition due to remission of liability.
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It is the duty of the assessee to prove the genuineness of the transaction.
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If you can give address, PAN No and the photocopy of the bank statement or pass book of the period when transaction took place, plus if you can get in writing from the drawee banker that the amount has been transferred from such person's account then only slight chances are there. The ITO may reward your efforts by considering the genuine problem in searching the lender. The reward again results into addition due to remission of liability.
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It is the duty of the assessee to prove the genuineness of the transaction.
.
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