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2012 (9) TMI 191 - ITAT LUCKNOWAddition in respect of lorry hire charges payable and sundry creditors on account of the said credits being unexplained - Held that:- A credit in the assessee's books of account, signifying a receipt, or a liability, has to be satisfactorily explained, to keep section 68 at bay. It is to be appreciated that any credit, trade or non-trade, is essentially a 'receipt', when construed or considered broadly, i.e., in terms of 'funds', and not narrowly in terms of 'cash'. A receipt has to be satisfactorily explained as to its nature and source, else it is liable to be considered as income. In present case, matter, as discerned, is factually indeterminate, and requires proper verification and examination at the end of the assessing authority. Matter restored to the file of the AO Addition on account of net profit rate - dis-allowances in respect of various expenditures, for the reason of their being, not adequately evidenced - Held that:- No addition in respect of N.P. rate would by itself arise, i.e., without bringing some adverse material on record, and stands rightly deleted by the CIT(A). Similarly, a mere cryptic statement as to the expenditure being not properly evidenced or fully supported, without pointing out any specific defects, including their nature, and which could easily be done by subjecting the same to a test check, would be of no moment. And, thus, no dis-allowance would arise in consequence - Decided in favor of assessee
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