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Section 68: Creditworthiness of lender can’t be proved merely on strength of Bank Statement
Case Law Details
- Case Name
- Siddharth Export Vs ACIT (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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Siddharth Export Vs ACIT (Delhi High Court)
The issue under consideration is whether AO is correct in treating unsecured loan received by assessee as unexplained credit under section 68?
In the present case, the assessee received an unsecured loan of Rs. 26 lacs through three cheques issued by Ms. Jasmine Kochhar Kapoor, a citizen of GBR (United Kingdom). AO treated unsecured loan received by assessee as unexplained credit under section 68. Tribunal in appellate proceedings confirmed addition made by AO on the ground that assessee failed to prove creditworthiness of lenders an...
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