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2017 (2) TMI 996 - AT - Income TaxAddition on undisclosed income u/s 68 - Held that:- Before making addition u/s 68 the AO has neither gave any finding on the identity of the person, source of share capital. The AO straightway came to the conclusion about the non- genuinenity without bringing any material on record against the assessee. The AO has not given any wattage to the evidences furnished by the assessee. In these circumstances we deem it appropriate to restore the case to the file of AO to reconsider the case of assessee and give fresh finding by speaking order on the evidences furnished by assessee, after considering the above referred decision of Hon’ble Bombay High Court in Mukesh Ratilal Marolia (2011 (9) TMI 919 - BOMBAY HIGH COURT) and Lovely Exports (P) Limited (2008 (1) TMI 575 - SUPREME COURT OF INDIA ). - Decided in favour of assessee for statistical purposes.
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