Dy. CIT v. Sushil Tyagi (2024) 115 ITR 90 (SN)(Delhi)(Trib)

S. 68 : Cash credits-Search and seizure-Unsecured loans-Established identity and creditworthiness of lenders and genuineness of transactions, transactions through banking Channels, sufficient funds, and assessed to tax-Un explained investment-Sufficient cash balance-Deletion of addition by CIT(A) is affirmed-Loan carried forward from earlier year-No addition can be made-Share application money-Arithmetic error-Deletion of addition is affirmed-Interest-Consequential-Interest under section 234C only on returned income and not assessed income. [S.69A, 132, 153A, 234A, 234B, 234C]

Dismissing the appeal of the revenue the Tribunal held that the assessee has established  identity and creditworthiness of lenders and genuineness of transactions, transactions through banking Channels, sufficient funds, and assessed to tax. As regard un explained investment the assessee had  sufficient  cash balance hence  deletion of addition  by CIT(A) is affirmed. Loan carried forward from earlier year, no addition can be made. Share application money  deletion addition due to arithmetic error. Order of CIT(A) is  affirmed.  Interest under section 234A and 234B  is consequential, however interest under section 234C can be charged  only on returned income and not assessed income. (AY. 2011-12, 2016-17, 2017-18)

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