DEPUTY COMMISSIONER OF INCOME TAX Vs. LAND MARK EXIM (P) LTD.
INCOME TAX APPELLATE TRIBUNAL
DEPUTY COMMISSIONER OF INCOME TAX
Land Mark Exim (P) Ltd.
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(1.) ITA No.3773/Del/2011 - Revenue's appeal in the case of M/s Land Mark Exim (P) Ltd. : -
This appeal by the Revenue is directed against the order of learned CIT(A) -III, New Delhi dated 13th May, 2011 for the AY 2006 -07.
(2.) GROUND No.1 of the Revenue's appeal reads as under: -
"On the facts and in the circumstances of the case the ld. CiT(A) has erred in law and on facts in deleting the addition of Rs.4,00,00,000/ - made by the Assessing Officer u/s 68 of the Income Tax Act, 1961 on account of unexplained unsecured loan."
(3.) THE other grounds are only arguments in support of above ground No.1.
The facts of the case are that during the year under consideration, the assessee received fresh unsecured loans amounting to '25,29,86,700/ -. The Assessing Officer did not accept the loan of '4 crores
from the following two parties on the ground that the assessee only produced the confirmation from the
creditor and did not prove the source out of which fresh loan was given : -
(i) Coronet Vyappar (P) Ltd. - '3 crores
(ii) Vollent Investment and Fin. Ltd. - '1 crore
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