February 2019

Section 68 : Cash credits Unsecured loans received Confirmation, balance sheet and bank accounts of creditor was produced A.O has not made enquiry in respect of the creditors - Deletion of addition was held to be justified.

Ajay R. Singh
Advocate

13.  The Pr. CIT-27 vs. Parth Enterprises [ Income tax Appeal no 786 of 2016 Dated: 11th December, 2018 (Bombay High Court)].

[ITO-22(1)(4) vs. Parth Enterprises; dated 10/06/2015; ITA. No 976/Mum/2013, Bench : C , AY: 2009-10     Mum.  ITAT ]

 

Section 68 : Cash credits Unsecured loans received Confirmation, balance sheet and bank accounts of creditor was produced A.O has not made enquiry in respect of the creditors -  Deletion of addition was held to be justified.

 

The assessee is engaged in the business of builders and developers. During the year, the assessee had taken unsecured loans from 90 persons. However, confirmations were filed only in respect 77 persons. The AO conducted enquiry from exter

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