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2012 (6) TMI 545 - HC - Income TaxDeletion of addition by ITAT on account of non-production of books of accounts - Held that:- During original assessment proceedings the AO himself had accepted the position that the assessee had maintained quantitative details and that the general profit was on the higher side and in remand report also could not justify the lump-sum addition other than making a short statement that addition was justified on books, vouchers, etc. as produced before him - against revenue. Deletion of disallowance of speculation loss by ITAT - Held that:- As the AO did not deny the fact that the assessee is a bullion merchant and has a terminal of MCX as a member, it also appears from the record that the loss arose on account of dealing in commodities ordinarily dealt in by the assessee in its business - as these transactions were of an integrated nature could not be said to be a speculation loss - against revenue. Deletion of addition by ITAT u/s 68 as unexplained cash credit - Held that:- The remand report of the AO depicts that in respect of addition of Rs. 5 lac from two of the parties, AO received direct confirmations in response to inquiries that both the parties have filed their return, bank statement and balance sheet, and in those, the loans to the assessee are reflected - against assessee.
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