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2013 (4) TMI 346 - ITAT KOLKATAUnexplained cash credits - Addition made u/s 68 - CIT(A) deleted the addition - Held that:- No addition u/s 68 can be made during the year as the amount has not been received in the assessment years under consideration as the amount as is apparent is received by the assessee in the financial years 1992-93 and 1997-98 much prior to the impugned assessment year. During the year the assessee has transferred the amount to the share application account from advance for flats. Thus no fresh amount has been received by the assessee during the year u/s 68. The amount held to be added in the year in which the amount is credited in the books of accounts of the assessee where the assessee has offered an explanation about the nature of the concern of the amount or explanation offered by the assessee before the AO is not satisfactory. Since the amount was not credited in the books of accounts during the year, therefore, CIT(A) has rightly deleted the addition. Unexplained investments - Addition u/s 69 - CIT(A) deleted the addition - Held that:- The finding of the fact that from the audited balance sheets for the year ending 31.03.2004 and 31.3.2003, it is seen that balance of Rs.21,33,299/- representing the advance for flats in those years and during the year after that if a sum of Rs.5 lakhs was transferred to the share application money which has already been dealt with in ground no.1 and a sum of Rs4,85,500/- was refunded by the assessee to the parties. Under these facts, it is not a case where the provision of section 69 will be applicable - the order of the CIT(A) confirmed and delete the additions. Advance for construction of the flat - assessee has shown advance for construction of the flat at Rs.2,93,000/- and similarly a sum of Rs.2,28,577/- was shown by the assessee as receivable in cash &in the absence of any explanation being offered the AO added a sum of Rs.5,21,577/- - Held that:- As assessee has not submitted any books of account before the AO even the CIT(A) has also not examined the books of accounts so that it may be ascertained that these advances were duly recorded in the books of the assessee. The assessment has been framed u/s 144 of the IT Act and the copy of the ledger account along with the details of the party were also filed by the assessee for the first time before the CIT(A). Under these facts and circumstances of the case the assessee has not discharged his onus fully and the AO could not examine the books of accounts of the assessee whereas this information are reflected in the books of assessee. Therefore, in the interest of both the parties restore this issue to the file of the AO with the direction that the AO shall re-examine this issue.
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