In case of loan the lender identity must be deposited at assessment and repair expenses of office vehicles are disallowed up to 5% if used partly for personal use
Court :
Income Tax Appellate Tribunal
Brief :
The first ground relates to addition of Rs.13,77,000/- made u/s 68 by the AO. During the assessment proceedings the assessee was asked by the AO to prove the identity of the lender, genuineness of the transaction and creditworthiness of the lender in respect of the loan of Rs.13,77,000/- shown in the name of Shri Madanlal J. Panjabi. The assessee was only able to furnish the death certificate of Madanlal J. Panjabi. No other evidence including that from the legal heir of Mr. Panjabi was submitted The AO therefore, made the addition of Rs.13,77,000/- u/s 68 of the Act. Before ld. CIT(A) also no details could be submitted by the assessee. The ld. CIT(A), therefore, confirmed the action of the AO. Further aggrieved, now the assessee is in appeal before us.
Citation :
Before S/Shri D.K.Tyagi, JM and B.P. Jain,(Appellant) Vs Income-tax Officer,
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Diganta Paul
Published in Income Tax
Views : 1071
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