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2015 (8) TMI 1463 - AT - Income TaxAddition u/s 68 - Addition being the commission payment estimated by the AO - Held that:- Documents and confirmation letter filed by the share applicant company would show that the identity and credit worthiness of the transactions stand proved. Since the impugned sum of ₹ 10.00 lakhs was received through banking channels, the genuineness of the transactions also stand proved. Thus as noticed the assessee has discharged the initial burden of proof placed upon it. CIT(A) has examined the copy of income tax returns, which may not throw light about the credit worthiness. Further the copy of bank statement also shows that there are continuous transactions of deposits and withdrawals. Hence, in my view, the observations made by the CIT(A) that there were heavy deposits before issuing the cheque of ₹ 10.00 lakhs to the assessee company also appear to be misplaced one. Hence, in my view, the Ld CIT(A) has confirmed the impugned addition without properly appreciating facts. Unable to agree with the conclusions reached by CIT(A) in view of the foregoing discussions. Accordingly, set aside the order of CIT(A) on the issue of ₹ 10.00 lakhs and direct the assessing officer to delete the same. Consequently, the addition of ₹ 10,000/- relating to estimated commission income is also directed to be deleted. - Decided in favour of assessee
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