Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (12) TMI 526 - ITAT, DELHIAddition on account of short term capital loss – Assessee is in business of shares – Investment made in shares at a premium in a private company – Shares sold at 10% of cost after three months – AO made addition saying that no major change in financial of company in short spam – Held that:- As the assessee discharged his liability through cheque. And buyer also confirmed the same at value stated by assessee by filling affidavit with AO. Appeal decided in favor of assessee. Addition on account of cash deposit in bank – AO made addition during assessment u/s 143(3) on basis that practice of holding such large amount of cash in saving a/c was not practical - Assessee submit the details of income earned over the years from which cash in hand can be sustained - Held that:- As the assessee shown cash in his Wealth Tax which was in confirmation with cash book & detail submitted before authority by assessee. And fully explained opening & closing balance of cash. Therefore addition made by AO duly deleted. Decision in favour of assessee.
|