Held that during the course of appellate proceedings, the assessee filed the confirmation by NA confirming the lending of USD 15,000. The remand report showed that the assessee had furnished a confirmation from the lender NA during the course of appeal proceedings and the passport of NA as evidence with a copy of the bank account of NA, an affidavit of NA, copy of bank account of his son GA giving loan of USD 5,000 to the assessee. The Commissioner (Appeals) was not justified in sustaining the addition. (AY. 2016-17)
Nitin Gupta v. ITO (2021) 91 ITR 47 (SN) / 214 TTJ 247 (SMC) (Delhi)(Trib.)
S. 68 : Cash credit-Income from undisclosed sources-Bank statement of assessee showing loan from non-resident individual-During appeal proceedings filing confirmation of lender with his passport, copy of bank account and affidavit of seller-Addition not justified.[S. 69]