03 April 2010
Can someone give me the citations of case laws for section 68 in favour of assessee wherein ITOs assessment of making addtion of unsecured loan for not proving the credentials and capacity of the money lender was rejected by the higher authority ? Assessee provided the pass-book of money lender but since the money lender was not assessed to income tax could not provide his ROI but transactions are genuine.
04 April 2010
The Mathrubhumi Printing & Publishing Co. Ltd. v. DCIT (ITA Nos. 143 & 144/Coch/2006)
Once source is proved, it is not possible to treat deposits as unexplained When the scheme of financing adopted by the assessee company is explained in a convincing manner, it is not fair on the part of the lower authorities to treat a part of the deposits as unexplained only for the reason that inch-by-inch documentary particulars were not furnished before them in respect of that remainder deposits.
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