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2016 (2) TMI 944 - AT - Income TaxAddition u/s 69C - Held that:- Since the appellant company along with the other companies are all ‘in-house’ to the Thapar- Dhingra group and there is a widespread web of inter se transactions amongst them, keeping their separate juridical identity in mind, the ends of justice will be met if in each case, addition of the peak of financial transaction, as worked out from the relevant cash book of each entity, is made. Therefore, the addition made by the Assessing Officer needs to be revisited. It may be mentioned that while the rejection of the books and the book results by the Assessing Officer is confirmed, reliance is being placed on the transactions traversing the cash book, irrespective of their notations, since amongst the inflow and outflow of cash, tax payments made by the appellant are independent and verifiable. Consequently, no separate addition is required to be made on account of purchases or expenditure. The Assessing Officer is directed to work out the peak from the entries in the cash book, including bank transactions, of the appellant for the relevant year and make a singular addition of the said amount, as unexplained investment/expenditure - Decided against revenue
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