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2014 (1) TMI 915 - AT - Income TaxDeletion made u/s 68 of the Act – Unexplained cash credits - Genuineness of the transactions – Identity and creditworthiness of the depositors not proved – Held that:- The Assessee has received loans from various parties - The parties are stated to be agriculturists deriving income from agriculture - the depositors are the existing shareholders but there is nothing on record to prove the contention – there was discrepancy in the land holding that was submitted before the Assessing Officer and that considered by CIT(A) – there is no documentary evidence to demonstrate that the parties had sold the agriculture produce through Vigneshwari Krupa Trading - Relying upon CIT Vs. Nipun Builders and Developers Pvt. Ltd. 2013 (1) TMI 238 - DELHI HIGH COURT] - creditworthiness of the shareholders/ deposits and other aspects noted above needs to be examined afresh – Matter remitted back to the AO for fresh adjudication – Decided in favour of Assessee.
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