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2016 (12) TMI 1711 - AT - Income TaxAddition u/s 68 - genuineness of the transaction - Held that:- The documents furnished by the assessee, established the identity as well as creditworthiness of M/s Golden Technobuild (P) Ltd. and since the transaction took place through banking channel, the genuineness of the transaction was also proved. Therefore, considering the totality of the facts, it is of the view that the addition made by the AO and sustained by the ld. CIT(A) on account of ₹ 7,00,000/- received from M/s Golden Technobuild (P) Ltd. was not justified Addition from house property - Held that:- Addition is made on the basis of presumption that the property at 48, Friends Colony East, New Delhi in which the assessee was having 28.24% was let out to Gambhir brothers but infact, the Gambhirs brothers were the tenant of M/s Today Homes & Infrastructure Pvt. Ltd. who was the tenant of M/s Palos Verdes Estate Pvt. Ltd. Therefore, the addition made by the AO on the basis of presumption was not justified particularly when the assessee had not given property on rent to Gambhir brothers as alleged by the AO. The property in question was used by the assessee for its own business purposes. The said fact is evident from page no. 28 of the assessee’s paper book i.e. the copy of ROC master data which revealed that the assessee’s registered office is situated at 48, Friends Colony East, New Delhi. Therefore the impugned addition made by the AO on the basis of presumption that the assessee had let out the property to Gambhir brothers and sustained by the ld. CIT(A) was not justified. Accordingly, the same is deleted. - Decided in favour of assessee
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