SMT DR. SUGNAM BHARATHI,TANUKU vs. THE ITO, WARD - 2, TANUKU

ITA 118/VIZ/2014Status: DisposedITAT Visakhapatnam17 August 2018AY 2009-108 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s order, finding that the assessee failed to provide sufficient evidence regarding the creditworthiness and capacity of the creditors to advance the loans. The Tribunal noted the contravention of Section 269SS by accepting loans in cash without compelling reasons.

What were the facts?

The assessee accepted unsecured loans totaling Rs. 39,86,000. The Assessing Officer added Rs. 29.86 lakhs as unexplained income due to lack of supporting evidence for identity, creditworthiness, and genuineness of these loans. The CIT(A) deleted Rs. 5 lakhs but confirmed the remaining Rs. 24.86 lakhs.

What were the issues?

Whether unsecured loans received in cash are unexplained income when the creditor's identity, creditworthiness, and genuineness are not established. Whether accepting cash loans without valid reasons violates Section 269SS.

Which sections of the Income-tax Act were involved?

Section 68,Section 269SS

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI V. DURGA RAO & SHRI D.S. SUNDER SINGH

For Appellant: Shri G.V.N.Hari, AR
Hearing: 07.08.2018Pronounced: 17.08.2018

PER D.S. SUNDER SINGH, Accountant Member:

This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], Visakhapatnam vide I.T.A.No.0768/2011-12/ITO W-2, TNK/2013-14 dated 20.03.2014 for the assessment year 2009-10. 2 Smt. Dr. Sugnam Bharathi, Tanuku

2.

Ground No.1 and 4 are general in nature which does not require specific adjudication.

3.

Ground No.2 & 3 are relat

The order continues below.

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