[aaykarbhavan] No sec. 68 additions on receipt of loan from father when his credibility to pay loan was proved

No sec. 68 additions on receipt of loan from father when his credibility to pay loan was proved

May 19, 2014[2014] 45 taxmann.com 77 (Mumbai - Trib.)

IT: Where assessee had entered into an agreement for sale and it was clear from facts that assessee had understated transaction and consideration had been passed over and above what had been stated, Assessing Officer rightly accepted value adopted for stamp duty as sale consideration and made addition under section 69B

IT: Where assessee had incurred expenditure on date of purchase, without having proper balance in account, it was unexplained expenditure attracting section 69C; not section 69B attracting undisclosed investments

IT: Commissioner (Appeals) rightly deleted addition, where assessee received loan from his father and filed details of bank statement evidencing that his father was in a position to give loan to his son

 

Regards

Prarthana Jalan

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