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2012 (10) TMI 314 - AT - Income TaxValidity of re-opening of Assessment - supply of information by the Investigation Wing - Unexplained Cash Credits - held that:- As decided by Court in the case of [AGR Investment Ltd. V Addl. CI T 2011 (1) TMI 48 - DELHI HIGH COURT] It was open to the assessee to participate in the re-assessment proceedings and put forth its stand in detail to satisfy the AO that there was no escapement of taxable income. It is evident that mere communication of information emanating from the investigation and not interpretation thereof, is not the same thing. If there is an information from the investigation, on which AO has acted, as is in the present case, then AO has jurisdiction u/s 147 r.w.s. 148 of the Act - findings of the CIT(A) are upheld and C.O. of the assessee is dismissed. Unexplained Cash Credits - issue of new share capital - held that:- The appellant has discharged onus, within the meaning of Section 68 of the Act and also in consonance with the general principles of law. The AO made the impugned addition, primarily on the ground of non-production of the persons, who subscribed to the share capital, as is evident from the extracts of findings of the AO. - onus shifts on the AO, to bring credible material on record to show the non-existence of such subscribers and non-genuineness of such transactions. - Addition deleted - decided in favor of assessee. Decision of Apex Court in CIT V Steller Investment Ltd. [2000 (7) TMI 76 - SUPREME COURT] followed
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