2010 (10) TMI 795

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..... e amount received was a short-term loan which was duly repaid. The said amount cannot be treated as income of the assessee under s. 56(2)(v) of the Act. appeal is consequently dismissed. - IT Appeal No. 294 of 2010 - - - Dated:- 6-10-2010 - Adarsh Kumar Goel, Ajay Kumar Mittal, JJ. Urvashi Dhugga for the Appellant Ravi Shanker for the Respondent JUDGEMENT Adarsh Kumar Go .....

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..... d section of the IT Act, to suggest that these provisions pertain to gifts only?" 2. The AO made addition to the returned income on account of amount received as loan which was treated to be receipt within the meaning of s. 56(2)(v) of the Act. On appeal, the CIT(A) set aside such addition which was upheld by the Tribunal. The Tribunal observed in para 9 as under:- "Apart from the aforesai .....

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..... me with characteristics of a liability. Merely because the amount of loan has been raised without involving payment of interest, cannot be seen to have vested the impugned amount with characteristics of an income, within the meaning of s. 56(2)(v) of the Act. The existence of the expression 'without consideration' in s. 56(2)(v) cannot distract from the fact that in the impugned case, the sum of m .....

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