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2014 (11) TMI 676 - AT - Income TaxUnexplained cash credits u/s 68 – Held that:- The assessee has submitted that the amount was received from the workers was initially placed with YICS and later on the money of the workers that was received by YICS was transferred to the assessee and the workers were allotted the shares and in support of which, the assessee has also placed the affidavits and statements of the workers – the submission has not been controverted by the Revenue by placing any contrary material on record - one of the reason for making the addition was that out of 506 workers 4 workers in their statement made before AO had denied about investing in the company - CIT(A) has noted that during the remand proceedings, 20 other individuals out of 25 which were summoned have confirmed of applying for the shares of the assessee and A.O. had not commented adversely - assessee has filed the affidavits of the workers who have confirmed the deposit of money and the aggregate amount of such deposits is ₹ 66,92,500 - no material has been placed by the Revenue on record to controvert the averments made by such depositors of money - As far as aggregated amount of ₹ 18,97,000/- received from 115 workers in concerned, it is seen that ₹ 11,27,500/- has been stated to have been received through YICS and it is stated to be the amount, which was deposited by the workers in YICS - no material has been placed by Revenue to controvert the submission of assessee - in the case of 47 workers where the aggregate amount received is ₹ 7,79,500, the assessee has not been in a position to discharge the onus as required u/s 68 - addition can only be sustained with respect to ₹ 7,79,500/- decided partly in favour of revenue.
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