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2011 (6) TMI 393 - AT - Income TaxDeduction u/s 80P(2)(a)(vi) - assessee engaged in manufacturing and construction activity, besides trading - addition of amount received by the assessee by way of fixed deposits/loans in cash from its members, treating the same as unexplained credit u/s 68 - Held that:- In the facts of the case, on the basis of the material furnished by the assessee, it is stated that by furnishing the names and full addresses of the creditors, assessee has, at best, prima facie established the identity of the creditors, of course, assuming that the AO had, as it appears, having regard to the volume, not called for the confirmation from all the creditors. Their capacity or the genuineness of the transactions; the two other parameters on which the satisfaction of the AO u/s 68 is to rest and, thus, met by the assessee, have in any case not been. Therefore, we restore the issue back to the file of the AO to allow another opportunity to the assessee to present its case before him. W.r.t. to deduction u/s 80P - Held that:- AO has rendered factual findings, which have not been met by CIT, who has reversed the same by relying on the Tribunal's decision for another year; a matter which is primarily factual, and subject to variation from year to year. We, therefore, restore this matter back to the file of CIT(A)
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