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2014 (9) TMI 927 - ITAT CHENNAIAddition on account of ingenuine loan - assessee was not able to produce documents before assessing authority to support its contentions - held that: assessee had produced audited financial records for the financial year ending on 31.03.2007 and on 31.03.2008 along with the bank statements and share certificates allotted to M/s Kempoo Exports Pvt. Ltd. The assessee has also placed on record Return of Allotment in Form 2 filed before the concerned Registrar of Companies. The assessee has been able to explain the reason for non-furnishing of documents at the time of assessment proceedings. - assessee was quite amenable to reinforce its claim, but was prevented by factors beyond its control. The assessee produced documents as soon as they were made available to it by the lender. The assessee also made effort to produce the Director of the lending company, who has supported the case of assessee. In our considered opinion, the file needs revisit to the A.O. The Assessing Officer shall take into consideration all the relevant documents produced by the assessee to support its contentions and after considering the same, shall pass a fresh order on the issue, in accordance with law. - Matter remanded back - Decided in favour of assessee.
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