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2015 (4) TMI 1195 - AT - Income TaxAddition on account of interest received - addition on basis of AIR information - Held that:- Addition in this case has been made solely on the basis of AIR information and without any corroborative evidence regarding the receipt of any interest by the assessee from the said M/s. Essar Oil Ltd. The assessee has specifically denied the receipt of such an interest income. The Revenue has not made any enquires to find out whether the AIR information was correct or not. It has been held time and again by this Tribunal that the additions made solely on the basis of AIR information are not sustainable in the eyes of law. If the assessee denies that it is in receipt of income from a particular source, it is for the AO to prove that the assessee has received income as the assessee cannot prove the negative. As Representatives of both the parties have agreed before us that the issue be restored to the file of the AO for consideration afresh in this respect, we accordingly restore it. Appeal of the assessee allowed for statistical purposes.
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