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Genuineness of unsecure loan repaid via banking channel cannot be doubted based on surmises
Case Law Details
- Case Name
- Amit Tyagi Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Delhi
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Amit Tyagi Vs DCIT (ITAT Delhi)
ITAT Delhi held that addition u/s 68 unsustainable as genuineness of transaction routed through banking channel cannot be doubted on the basis of surmises and conjectures based on suspicion and doubts.
Facts- The assessee has preferred the present appeal contesting that CIT(A) has passed order which is bad in law and against the facts of the case as he has erred to confirmed the assessment order by adding loan amount of Rs. 4500000 u/s 68 of the Income-tax Act, 1961 based on utter suspicion and conjectures, which has not been based on any cogent...
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