This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Section 68 Additions Justified if Assessee fails to Prove Genuineness of Unsecured Loan
Case Law Details
- Case Name
- ITO-22(3) (2) Mumbai Vs Sai Everest Building & Developers (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
ITO Vs Sai Everest Building & Developers (ITAT Mumbai)
In closely held companies/firm where unsecured loan is raised from close knit circles mostly known to partners/owners, onus required under section 68 is very heavy on such firms to prove identity as well as creditworthiness of lenders and genuineness of transaction; mere submission of name and address of creditor, income tax returns, Balance Sheet/statement of affairs of creditor and bank statement of creditor is not sufficient.
“Where lender companies immediately after receiving share capital with huge share premium...
