P & L Account, Balance Sheet, IT Return Bank Statement and Confirmation from lender is enough to disclose the details of unsecured loan

Last updated: 27 December 2011

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
This appeal by assessee is arising out of order of CIT(A), Durgapur in Appeal No.75 / CIT(A)/DGP/2009-10 dated 28.02.2011. Assessment was framed by ITO, Ward-1(3), Durgapur u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) for Assessment Year 2007-08 vide his order dated 30.12.2009. The only issue in this appeal of assessee is against the order of CIT(A) confirming the addition of Rs. 3 lacs made by Assessing Officer on account of unexplained loan. For this, assessee raised following ground no.1: “For that on the facts and in the circumstances of the case, the Ld. CIT(A) was not justified in confirming the addition of Rs.3,00,000/- made by the A.O. on account of unsecured loan by wrongly treating the same as undisclosed money of the assessee.”

Citation :
Shri Rajeev Kumar Jain (PAN-ACFPJ 9860 Q)(Appellant) Vs Income-tax Officer, Wd-1(3), Durgapur(Respondent)