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2012 (7) TMI 396 - AT - Income TaxAddition on account of business expenditure - assessee had not produced any details of the expenditure incurred for the conduct of business such as telephone expenses, traveling expenses etc - appellant had not given details of expenditure or attended the appellate proceedings on the various dates of summons issued by the revenue – Held that:- Assessee did not furnish the details of the expenditure claimed by her. Keeping in view of the general business conditions, the learned CIT(A) had gracefully deleted 50% of the addition made by the learned AO on the premises that in business the appellant would have to incur some expenses Addition u/s 68 read with section 41(1) of the Act - being difference between sundry creditors and sundry debtors – there was excess credit on comparing sundry creditors with sundry debtors, the source of which requires to be proved - onus is on the assessee to establish that the sundry creditors and sundry debtors are genuine – Held that:- Assessee had not furnished any details of the sundry creditors or the sundry debtors - AO was lenient enough to tax only the excess credit over the debtors for want of proof of source – In favor of revenue Addition on account of unexplained investment and loans and advances – Held that:- Assessee has not discharged her onus by producing sufficient information and details to establish her bona fide sources for making such investments and granting such loans and advances - keeping in view of the high value of transactions and the background of the assessee - assessee should be granted with one more opportunity to establish her claim – matter remanded to AO
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