2017 (4) TMI 618

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..... had no creditworthiness inasmuch as the total family income of those persons was found to be ₹ 1,00,000/- per annum and the interest free loans given out of such persons had been claimed and have been made out of tax bearing FDRs that have been got encash pre-mature. Tribunal has also disbelieved the case on both counts of genuineness of transaction as well as creditworthiness. The findin .....

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..... t the order of the Income Tax Appellate Tribunal dated 27.02.2009 and 23.07.2010 respectively, raising the solitory issue in both appeals in respect of disallowance made under Section 68 of the Income Tax Act. The income tax appeal no. 335 of 2009 was admitted on the following questions of law:- 1. Whether, on the facts and in the circumstances of the case, the Tribunal is legally justifie .....

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..... n money on interest free loans from certain persons unconnected with their business and family. The Assessing Authority on the CIT (Appeals) as well as the Tribunal have disbelieved the case of the assessee having taken interest free loans after recording finding that the persons claimed to be the creditors of the assessee had no creditworthiness inasmuch as the total family income of those per .....

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