As per section 68, the onus on the assessee only to explain the source of found credited in the books of accounts


Last updated: 17 July 2013

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
That on the facts and circumstances of the case, the Ld. CIT (Appeal) was not justified in confirming the addition of Rs.30,00,000/- on account of unsecured loan on mechanical basis even though all transactions in the account are by account payee cheques including the loan amount which has been repaid back in next year.

Citation :
M/s. Subba Microsystem Limited, 267, Masjid Moth, Udaipark, NDSE-II, New Delhi – 110 049. (PAN: AAACM9827G) (APPELLANT) vs. ACIT, CC – 9, New Delhi. (RESPONDENT) ASSESSEE BY: Shri R.S. Singhvi, Advocate REVENUE by: Smt. Jyoti Legha, Senior DR

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