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2012 (8) TMI 1025 - AT - Income TaxAddition on account of share application money - Held that:- Unable to sustain the finding of CIT(A) that the share application money has to be accepted as explained satisfactorily even if there is material to show that the transaction was not genuine and only an accommodation entry. As find that the assessee had raised disputes before CIT(A) regarding the statement of Shri Mahajan referred to by AO in assessment year and had also filed additional evidence in the form of affidavit of Shri Mahajan retracting from the statement. The assessee submitted before CIT(A) that AO had not made it clear as to in which case Shri Mahajan had given statement as he was director in several companies. It was also not clear whether copy of bank accounts shown to Shri Mahajan belonged to assessee or not. The assessee had requested for admission of additional evidence in the form of affidavit. CIT(A) has not considered these submissions as well as additional evidences as he proceeded to decide the case only on the legal ground that no addition can be made even if share applicants were bogus with which as held earlier we do not agree. In our view, these aspects are required to be examined at the level of CIT(A).
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