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2003 (6) TMI 12 - HC - Income TaxPower of the Commissioner of Income-tax (Appeals) to receive additional evidence - Assessing Officer was of the view that there is no evidence of the identity and capacity of the creditors and the genuineness of the loan transactions and hence made an addition u/s 68 - In the appeal before the Commissioner of Income-tax (Appeals) the assessee had produced two confirmation letters which were rejected by the CIT (Appeals) - Neither the Assessing Officer, nor the first appellate authority had any case that the assessee was given several opportunities to produce the confirmatory letters and that the assessee did not avail of the said opportunity by obtaining and producing the confirmatory letters from the two persons – Thus, CIT(A) was not justified in refusing to admit additional evidence – Further held that processing charges received will not constitute part of the export turnover since only sale proceeds of goods or merchandise alone will form part of the turnover
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