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2014 (2) TMI 784 - AT - Income TaxDeletion made u/s 68 of the Act – Undisclosed income from sale of flat – Unexplained cash credits - Held that:- The assessee had explained the entire facts to Assessing Officer – assessee had submitted sufficient evidences of having received the amount on account of sale of flat at Calcutta - The Assessing Officer made the addition only because no formal sale agreement was entered into - the identity of buyer along with his PAN number, confirmation, affidavit and possession letter was filed before Assessing Officer and these are sufficient evidences to prove the contentions of assessee - CIT(A) has very elaborately dealt with the issue. Complete address and PAN number was mentioned and lender had confirmed to have made payments on behalf of assessee - originally the amount was paid by the lender to Fertilizer & Chemicals Travancore Ltd., and against which the assessee had repaid in the same year whereas the balance amount was repaid on 30.4.2005 – the CIT(A) has rightly deleted the addition after verifying complete facts and details – thus, there is no infirmity in the order of the CIT(A) – Decided against Revenue.
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