Dismissing the appeal of the revenue the Tribunal held that the assessee has established\u00a0 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\u00a0 sufficient\u00a0 cash balance hence\u00a0 deletion of addition\u00a0 by CIT(A) is affirmed. Loan carried forward from earlier year, no addition can be made. Share application money\u00a0 deletion addition due to arithmetic error. Order of CIT(A) is\u00a0 affirmed.\u00a0 Interest under section 234A and 234B\u00a0 is consequential, however interest under section 234C can be charged\u00a0 only on returned income and not assessed income. (AY. 2011-12, 2016-17, 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
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] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-52256","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dAQ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=52256"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52256\/revisions"}],"predecessor-version":[{"id":52257,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52256\/revisions\/52257"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}