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2024 (5) TMI 91 - ITAT MUMBAIAddition u/s 69A - cash loans given by the assessee as unexplained - whether incriminating the assessee found in the seized materials to support the allegation that the assessee has given cash loans? - HELD THAT:- We notice from the assessment order that the AO has not brought out any specific finding on how the impugned entries are linked to the assessee and whether any other seized material other than what is shared with the assessee have been used to aid the interpretation. We further notice that other than decoding the entries as pertaining to the assessee the AO has not brought any other material on record to substantiate that the assessee has given the cash loans to Shri Nilesh Bharani. Assessee has furnished the audited financial statements for the year ended 31.03.2012 before the AO during assessment proceedings and that the AO has not recorded any adverse findings with regard to the same. From the perusal of the findings of the CIT(A), we notice that the CIT(A) has not gone into the merits of the issue and has merely confirmed the addition relying on AO's findings. Thus as nothing has been brought on record by the AO to substantiate the allegation that the assessee has entered into the impugned transactions, addition made by the AO without bringing any concrete evidence on record incriminating the assessee is not sustainable - Decided in favour of assessee.
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