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2012 (11) TMI 853 - ALLAHABAD HIGH COURTUndisclosed Income u/s 68 - held that:- While examining creditworthiness and genuineness of the transactions u/s 68 of the IT Act what is to prove is the source of the assessee and not source of the source ignoring the circumstantial evidences, surrounding circumstances - Revenue submitted that CIT was not justified in deleting the additions made under Section 68 of the Act, as the depositors credit worthiness is not proved. The submission is wholly misconceived. CIT(A) has found that the companies are genuine and they are on the record. Copies of the audit report of the depositor companies have also been filed and merely because the names have been changed would not mean that they are not genuine. However the deposit made by the account payee cheque was from their own fund. The finding of CIT (appeal) is based on material on record - No Legal infirmity in the impugned order passed by the Tribunal - appeal fails and is dismissed.
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