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2018 (2) TMI 1738 - GUJARAT HIGH COURTUnexplained cash credit u/s. 68 - ITAT deleted the addition - Held that:- Tribunal has noted that AO had not conducted any inquiry with the shareholders, if at all any cash deposits were in their bank account - if at all unexplained cash deposits could be taxed in the hands of the shareholders - reliance was made on decision of the Supreme Court in the case of COMMR. OF INCOME TAX VERSUS M/S LOVELY EXPORTS (PVT) LTD [2008 (1) TMI 575 - SUPREME COURT OF INDIA]. Disallowance of interest u/s 36(1)(iii) - Held that:- The necessary break up of the fund flow statement and reconciliation of funds used in acquiring the capital assets was not available on record - thus Tribunal has remanded the issue before the Assessing Officer for fresh decision. Adjustment in the value of closing stock u/s. 145A - Tribunal deleted the addition - Held that:- As observed by Tribunal assessee was paying Excise duty at a concessional rate and had therefore not claimed the benefit of CENVAT credit - increase of the valuation on account of CENVAT credit was unwarranted - hence there is no question of law arises - appeal of revenue is dismissed.
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