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2012 (10) TMI 20 - ITAT INDOREAddition u/s 68 - loan creditors - Held that:- From the record it is found that before the AO, the assessee did not get due opportunity to substantiate the loan creditors appearing in its books of account, therefore, application under Rule 46A was filed before the CIT(A) alongwith all the documentary evidence to satisfy the requirement of loan creditor u/s 68. The detailed finding recorded by the CIT(A) after considering the documents filed clearly establish that the assessee has not only satisfied the condition of identity of the loan creditor but also genuineness of loan transaction and creditworthiness of loan creditor to advance the required amount of loan. CIT(A) rightly deleted the addition. Dis-allowance of expenses on telephone, business promotion, transportation, repairs and maintenance etc - Held that:- It is found that no where AO has pointed out as to which of item of expenses were not supported by bills or respective vouchers nor the AO has pointed out which part of the expenditure were not for the purpose of business. Looking to the volume of business, quantum of expenditure incurred was very much reasonable. CIT(A) rightly deleted the dis-allowance - Decided against Revenue
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