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2023 (3) TMI 1315 - ITAT KOLKATAAddition u/s 68 - unexplained cash credit - assessee failed to prove genuineness of the transactions and creditworthiness of the subscribers - CIT(A) allowed the appeal of the assessee by holding that the assessee has proved all the three ingredients of Section 68 - HELD THAT:- In the present case the assessee has filed all the evidences before the AO and AO in stead of carrying of further investigation only harped on the plea that summons u/s 131 of the Act were not complied with and thus the transactions remained unexplained. CIT(A) appreciated all these facts and after discussing and relying on the various decisions allowed the appeal of the assessee. We observe from the facts before us that all the share applicants were existing assessees under the Act and in some of the cases assessments were framed u/s 143(3) and the assessment orders were also placed before us. Therefore the genuineness of these investors cannot be doubted. Considering all we are inclined to uphold the order of Ld. CIT(A) by dismissing the appeal of the revenue.
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