Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (12) TMI 1305 - AT - Income TaxAddition u/s 68 - transaction of shares - Held that:- There is complete absence of such material according to which it can be said that assessee infact had made investment in the purchase of shares. The books of accounts maintained by M/s Alliance Intermediaries and Network Private Limited would have been proper evidence to come to such conclusion that whether or not any investment is made by the assessee in the purchase of shares which is not done by the AO. The addition cannot be upheld on the basis of presumptions and assumptions when the assessee has discharged primary onus by submitting all the details. Without bringing any material on record to suggest the transaction made by the assessee with M/s Alliance Intermediaries and Network Private Limited are bogus, the addition could not be sustained in the hands of the assessee. One of the solution can be that matter may be restored back to the file of the AO for proper examination of the case but that would amount to give second inning to the revenue. Before confirming the addition, CIT(A) also could made further enquiries as he is vested with these powers so that addition could be sustained on the proper basis. But learned CIT(A) did not do so. Keeping in view all these facts and also the fact that matters in the present cases are very small, that addition in the present case has wrongly been sustained by learned CIT(A) for which there is no basis except assumption and presumptions. The additions sustained by learned CIT(A) is deleted in both the cases and the appeals filed by the assessee are allowed.
|