Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 1038 - ITAT DELHIExcess duty drawback availed but not received - undisclosed income - Held that:- The assessee submitted that the entire duty drawback had been received by other parties and the assessee did not have any concern with them - During the year, the only sources of income of the assessee were interest and dividend - On verification of the evidence filed, that the goods exported had actually been shipped for export to Russia and Dubai, which fact stood confirmed by the buyers, that the goods had been actually delivered to the shipping agency, which fact stood certified by the customs department, that the receipt of the export proceeds was duly evidenced by invoices, through banking channels and that there was nothing to show that the amounts had been given back to the respective parties - The CIT (A) had opined that Vision Inc. had received the duty drawback in F.Y. 2002-03 and had duly disclosed it as part of its income - The addition had been made by the Assessing Officer by merely and solely relying on the show cause notice issued by the DRI in 2004, without rebutting any of the evidences filed by the assessee - The CIT(A) was justified in deleting the addition on the basis of consideration of all the evidences filed by the assessee - Decided against Revenue.
|