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2014 (1) TMI 1133 - AT - Income TaxUnexplained cash credits – Held that:- The assessee discharged its initial onus to prove identity, genuineness and credit worthiness with respect to unsecured loan by filing confirmation of the party, bank statement of the party and ledger account - The Assessing Officer has disregarded the same and merely relied on the report of the Investigation Wing and statement of Shri Suresh Kumar Gupta, Director of M/s Galaxy Mines & Stones Pvt. Ltd. recorded by Investigation Wing - None of the above evidences was confronted to the assessee for rebuttal in respect of specific request made by letter filed during assessment proceedings - No inquiries were conducted by the Assessing Officer for verifying the above mentioned evidences filed by the assessee - Following Anmol Colour India Pvt. Ltd. Vs. ITO [2008 (6) TMI 249 - ITAT JAIPUR-A] - Where the evidences filed by the assessee were to be examined by the Assessing Officer, it would be in the interest of justice to restore the matter to the file of the Assessing Officer – The issue was restored for fresh adjudication.
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