Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (6) TMI 249 - ITAT DELHIAddition made u/s 68 of the Act - Genuineness and credit worthiness of the person not established – Unsecured loan and share application money - Held that:- The amount received from Mr.Piyush Kanthilal Kadiwar, was repaid - assessee has submitted that Mr.Piyush Kanthilal Kadiwar was a person residing in Goa and as the time given for producing evidences by the AO was insufficient, application for admission of additional evidence under Rule 46A was filed before the CIT(A), who admitted the same – the FAA was right in deleting the addition as cash credit u/s 68 of the Act - on the addition of unexplained share application money, the findings of the CIT(A) is not controverted - The identity, capacity and genuineness of the transaction had been demonstrated by the assessee – Decided against Revenue.
|