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No addition on mere statement of person if payments made through banking channel
Case Law Details
- Case Name
- ACIT Vs M/s. Sreeleathers (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Kolkata
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ACIT Vs M/s. Sreeleathers (ITAT Kolkata)
Conclusion: Since all the lender companies were regular income tax assessee’s & having PAN as well as their ROC details were brought to the notice of AO & their respective balance sheet showed that all of them had enough creditworthiness to lend the amounts in question to assessee and assessee had squared up the loan transaction with all these lenders (except 15 Lakhs) and all the payments/TDS were made & payments were made through banking channel, therefore, the addition made by AO was untenable.
Held: Assessee was a leading shoe maker / ...
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