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2014 (6) TMI 603 - ITAT AHMEDABADDeletion made u/s 68 of the Act – receipt of security deposits from 38 persons - Unverified depositors – Held that:- AO in the assessment order observed that out of the 38 persons, only confirmations of 19 persons involving amount of Rs 24,44,050/- could be furnished by the assessee - CIT(A) was of the view that out of Rs 71,14,300/-, Rs 68,97,100/- was received by the assessee through banking channels and the same was supported by the bank statement of the payee. The identity of the payee was also established by furnishing copy of PAN Card, Voter ID Card etc. Therefore, on being satisfied that the deposits of Rs 68,97,100/- were genuine, the CIT(A) deleted the addition to the extent of Rs 68,97,100 - In respect of balance amount of Rs 2,13,200/-, the CIT(A) observed that the assessee could not furnish confirmation from the parties from whom deposits were received and therefore, confirmed the addition to the extent of Rs 2,14,200 – revenue could not point out any specific error in the finding of the CIT(A) – also revenue could not point out any case where the identity or genuineness of the transaction was not established by the assessee and the addition was deleted by the CIT(A) – revenue could not bring any material on record to show that any of the deposits out of Rs 68,97,100/- was not genuine – thus, there was no reason to interfere with the order of the CIT(A) – Decided against Revenue.
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