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2016 (8) TMI 1212 - GUJARAT HIGH COURTUnexplained receipts of funds - proof of transaction - Held that:- CIT(A) is justified in deleting the addition as the revenue could not produce sufficient evidence to show that the impugned transactions were made by the assessee. The revenue could not link a single transaction recorded in the loose paper with the business of assessee. The nature of notings wherein amount has been calculated at four different rates indicate that it is a rough noting. The revenue has not been able to furnish any finding as to what is the amount of loan, to whom advanced, source of the loan etc. We are in complete agreement with the reasonings arrived at by the CIT(A). The order passed by the Tribunal is required to be confirmed and the questions raised in the present appeal is required to be answered in favour of the assessee.
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