ANURADHA ANILKUMAR AGARWAL,SURAT vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-1(2), SURAT

ITA 2911/AHD/2016Status: DisposedITAT Surat14 November 2018AY 2012-137 pages
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What did the Tribunal hold?

The Tribunal held that the CIT(A) was not justified in confirming the addition without allowing cross-examination of the lender who retracted his statement. The Tribunal also noted that the loan was repaid and the lender was an income tax assessee whose PAN was disclosed.

What were the facts?

The assessee received unsecured loans which were subsequently repaid. The Assessing Officer added a portion of these loans as unexplained cash credit, disbelieving the assessee's explanations and documents. The CIT(A) upheld the addition for one lender who initially denied the loan but later retracted his statement via affidavit.

What were the issues?

Whether the addition of cash credit under Section 68 is justified when the lender retracts their statement and the loan is repaid, and whether cross-examination of the lender should have been allowed.

Which sections of the Income-tax Act were involved?

Section 68,Section 131

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Income Tax Appellate Tribunal, SURAT BENCH, SURAT

Before: SHRI C.M.GARG & SHRI O.P.MEENA

Hearing: 14.11.2018

PER O. P. MEENA, ACCOUTANT MEMBER:

1.

This appeal filed by the Assessee is directed against the order of learned Commissioner of Income Tax (Appeals)-2, Surat(in short “the CIT (A)”) dated 19.09.2016 pertaining to Assessment Year 2012-13 which in turn has arisen from the order passed by the Deputy Commissioner of Income Tax, Circle-1(2), Surat(in short “the A

The order continues below.

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