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| The Tax Publishers2020 TaxPub(DT) 5154 (Del-HC) INCOME TAX ACT, 1961
Section 68
Where assessee had been able to sufficiently explain the identity, genuineness and creditworthiness of creditors to the satisfaction of CIT(A), the CIT(A) was justified in deleting additions made by AO under section 68 on account of alleged unexplained share application money as well as unsecured loans.
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Income from undisclosed sources - Additions under section 68 - Alleged unexplained share application money as well as unsecured loans - Assessee sufficiently explained identity, genuineness and creditworthiness of creditors
AO made additions under section 68 on account of unexplained share application money and unexplained unsecured loans. CIT (A) deleted such additions and the said action of the CIT (A) was upheld by Tribunal. Aggrieved, Revenue was in appeal. Held: CIT (A) came to a definite conclusion that the assessee had been able to sufficiently explain the identity, genuineness and creditworthiness of creditors to the satisfaction of the CIT(A). Therefore, the CIT(A) was justified in deleting additions made by AO under section 68 on account of alleged unexplained share application money as well as unsecured loans. Accordingly, the Tribunal was also justified in sustaining the action of the CIT(A).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
INCOME TAX ACT, 1961
Section 69
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