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2018 (9) TMI 59 - ITAT DELHIAddition u/s 68 - onus to prove - transaction conducted through banking channel - Held that:- Since the investor companies have confirmed the transaction with the assessee-company which were conducted through banking channel and entire evidence were brought on record, thereafter, if the A.O. was not satisfied with the documents on record and explanation of the assessee- company and the Investors, the A.O. should have made further enquiry on the same. However, it is a case where the A.O. has failed to conduct necessary enquiry, verification and deal with the matter in depth. Therefore, the explanation of the assessee- company should not have been disbelieved by the authorities below. Thus set aside the orders of the authorities below and delete the addition of ₹ 40 lakhs. This ground of appeal of assessee is allowed.
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