9911796707
|
Home
Issues involved:
The judgment involves the deletion of an addition of Rs. 1.45 crores made by the Assessing Officer u/s. 68 of the Income-tax Act, 1961, based on a loan taken by the assessee from Mr. Ishwar Adwani. Assessment by Assessing Officer: The Assessing Officer framed the assessment u/s 143(3) of the Income-tax Act, adding Rs. 1.45 crores u/s. 68 on the ground that the loan taken from Mr. Ishwar Adwani was not satisfactorily explained by the assessee. Arguments before CIT(A): The assessee appealed before the ld CIT(A) and presented various arguments, leading to the deletion of the addition after satisfying the conditions of (i) identity of donors; (ii) creditworthiness of donors; & (iii) genuineness of loan transactions. The ld CIT(A) considered legal pronouncements to support the decision. Reasoning of CIT(A): The ld CIT(A) found that the appellant provided sufficient evidence to establish the genuineness of the loan, including the identity and creditworthiness of the creditor. The ld CIT(A) held that the appellant met all requirements, and the addition u/s. 68 was deleted. Appeal before Tribunal: The Revenue appealed the decision of the ld CIT(A) before the Tribunal, arguing that the matter should have been remanded to the Assessing Officer for further enquiry u/s. 68 of the Income-tax Act. Tribunal's Decision: After considering the arguments, documents, and details, the Tribunal observed that the Assessing Officer had accepted the repayment of a portion of the loan, indicating acceptance of the genuineness of the transaction. The Tribunal upheld the decision of the ld CIT(A) to delete the addition of Rs. 1.45 crores u/s. 68, as the appellant had fulfilled the necessary requirements. Conclusion: The Tribunal dismissed the appeal of the Revenue, affirming the deletion of the addition made by the Assessing Officer u/s. 68 of the Income-tax Act.
|
