Assessee filed his balance sheet wherein he had shown a sum of Rs. 54.70 lakhs as loan taken from four parties. Parties from whom assessee had taken loans were builders and assessee was employed with one of concerns as site supervisor. Assessee had used loan amount for purchase of a residential flat from same builder. Assessing Officer found that assessee's total income for relevant year was only Rs. 2.62 lakhs, thus, his repayment capacity was very poor. Accordingly, Assessing Officer formed an opinion that since assessee was working with group for several decades, those parties gave such a huge loan to assessee without any security and interest as a mark of gratitude, irrespective of his repayment capacity and, therefore, in absence of any obligation on part of assessee to repay loan, entire transaction was of nature of gift which was given a colour of a loan. Assessing Officer, thus, added loan amount to income of assessee by invoking provisions of section 56(2)(v). It was held that since amount in question had been shown in balance sheet submitted along with return of income as loan only and lenders had also confirmed same, apparently, it was a case of a loan transaction and not a case of gift, as held by Assessing Officer - *Chandrakant H. Shah v. Income-tax Officer, Ward-23(2)(2), Mumbai [2010] 124 itd 177 (MUM.) [IT APPEAL NO. 3966 (MUM.) OF 2008*
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