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2013 (3) TMI 412 - AT - Income TaxNature of addition - unexplained cash credits or income of the assesses - In the first ground of appeal it was noticed that these assessees shown the amounts in the books of accounts as the advances received against the sales. Since the required information was not produced by the assessee, the assessing officer added these amounts under section 68 of the Act as unexplained cash credits - Held that :- we set aside this issue to the file of the assessing officer for fresh consideration who is directed to afford an opportunity of being heard to the assessee and decide the same in accordance with law. The next ground is with regard to the addition of Rs.4 lakhs as unexplained cash credit in - Held that:- the onus cast on the assessee is not discharged. In the circumstances, we have no hesitation in confirming the addition on this count. In view of the above, this ground of the assessee is hereby dismissed. The last ground is with regard to confirmation of disallowance of 15% of development expenses without appreciating the fact that such expenses were not debited to Profit & Loss account and the same was being shown in the balance sheet - Held that:- we set aside this issue to the file of the assessing officer to examine whether this is an expenditure claimed by the assessee in the Profit & Loss A/c or shown as an item in the balance sheet. - Decided partly in favor of assessee.
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