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2017 (10) TMI 1473 - ITAT MUMBAIAddition of unexplained cash credit u/s 68 - identity, creditworthiness or genuineness of transaction with BMPL - CIT-A deleted the addition - HELD THAT:- CIT(A) has passed a reasoned order by duly considering the facts surrounding the issue and also by applying the principles laid down in various decisions relied upon by him. I notice that the Ld CIT(A) has taken note of the fact that the transactions carried on by M/s BMPL were found to be genuine in its hand. In the instant case, the AO has made the impugned addition only on the reasoning that M/s BMPL was giving only accommodation loan entries. Since the transactions carried on by M/s BMPL were found to be genuine, the reasoning given by the AO fails. Accordingly CIT(A) has deleted the addition on proper reasoning and hence no reason to interfere with the order passed by him on this issue. - Decided against revenue
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