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2012 (12) TMI 94 - AT - Income TaxValidity of Re-assessment Proceedings – Unexplained Addition u/s 68 – bogus credit - accommodation entries - credit worthiness and genuineness of transaction - Following the decision of court in case of [Commissioner of Income-tax Versus Vishal Holding & Capital (P.) Ltd. 2010 (8) TMI 634 - DELHI HIGH COURT ] Held that:- Assessee had produced copies of accounts, bills and contract notes issued by M/s. MKM Finsec Pvt. Ltd., and had been maintaining books of account as per Companies Act - Assessing Officer has simply acted on the information received from the Investigation Wing without verifying the details furnished by the assessee. The assessee has also produced best possible evidence to support its claim - AO has not verified details in respect of the material, which has been relied upon by him, he has not provided any findings of the investigation to the assessee. Therefore, in these circumstances, the addition made by the Assessing Officer cannot be said to be on the basis of some evidence that was put to the assessee in the course of assessment proceedings. CIT(A) has correctly deleted the addition - order of CIT(A) on the issue in question is upheld - In the result, revenue ‘s appeal is dismissed.
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