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2014 (1) TMI 1528 - AT - Income TaxUnexplained investment - Held that:- the assessee had been providing short-term advances to various third parties and the amount being returned back by the parties was again being given to others - Relying on the decision in ITO vs Madan Lal Mittal [2006 (5) TMI 305 - ITAT DELHI] - The peak credit could be added in such circumstances - The same amount cannot be taxed multiple times - Decided against Revenue. Excessive deduction u/s 80C - Held that:- The CIT(A) has not considered the issue in proper manner - There was a fresh evidence before the CIT(A)which has not been confronted to the AO - The issue has been restored for fresh adjudication.
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