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2015 (9) TMI 1527 - ITAT MUMBAIAddition u/s 68 - Held that:- Assessee furnished before the lower authorities a copy of the FIRC issued by the Bank. The identity and creditworthiness of the creditor and genuineness of the transaction stood satisfactorily explained. In the absence of any credible material with the Revenue to disprove the findings of the CIT(A), we hereby affirm the same - Decided in favour of assessee Disallowance of Provision for doubtful debts - Held that:- The assessee company is in the business of transportation and the impugned sum has been found to be “short recovery of transportation charges from the clients on account of losses occurred on account of retention, loss of stock and damage to stock.” Furthermore, the CIT(A) has also recorded a finding that the invoices raised by the assessee which have been credited in the books of account as income cover the impugned sums also. Therefore, the CIT(A) has found that the conditions laid down in section 36(1)(vii) r.w.s. 36(2) of the Act have been complied with. We hereby affirm the aforesaid finding of the CIT(A) in the absence of any credible material or reasoning brought out by with the Revenue before us. - Decided in favour of assessee
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