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2011 (10) TMI 704 - AT - Income TaxAddition u/s 68 - Held that:- As find from the remand report that the AO declined to examine his witnesses nor allowed the assessee the opportunity of cross examination. We also note even though in the remand proceeding the CIT(A) expressly directed the AO to investigate the alleged trail of cash the AO did not bring on record any evidence to substantiate his conclusion that assessee’s own cash was returned to him in form of cheques. Failure on the part of the AO to even investigate the alleged cash trail justifies the CIT(A)’s conclusion that the AO had no material or evidence with him to prove that the capital gain earned by assessee on sale of shares represented assessee’s undisclosed income. We find that in the present case the confessional statement of Shri Khemka was not backed by any other independent evidence. On the other hand the assessee’s explanations were backed by relevant documentary evidences which substantiated purchase & sale of shares. Having regard to the totality of the facts and evidences as brought on record and examined by the CIT(A) we find that there was no infirmity in the order of the CIT(A) deleting the addition of ₹ 67,04,678/- made u/s 68 of the Act. Accordingly we uphold the order of the CIT(A) and dismiss the revenue’s appeal.
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