No undisclosed income if source of cash Loan was on record

DCIT Vs Vipul Dilipbhai Shah (ITAT Mumbai) Conclusion: When the issue-in-dispute was in respect of the receipt of loan and source of which was already available on record, it would not become undisclosed income in the hands of the assessee, as source of the same, was already within the knowledge of the Income Tax Department. Held: AO had recorded in the reasons to belief that cash loan was received by the two firms and name of assessee was appearing in which contact person. AO completed the assessment u/s 147 r.w.s. 143(3) and made an addition of Rs. 3.92 crores as unexplained loan in terms ...