Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 995 - AT - Income TaxAddition made on account of entry tax – Lack of supporting evidences – Held that:- Revenue was required to explain the figure of Rs. 71,763/- as appearing in the ground of appeal – but, the revenue could not explain the amount - CIT(A) has recorded a categorical finding that all the evidences are available on record which has not been controverted by Department – there was no reason to interfere with the order of CIT(A) – Decided against Revenue. Addition in Partners Capital Account – Held that:- CIT(A) considered the submissions advanced by assessee and has found that the source of deposit of cash stands duly explained in case of all the three parts - The powers of CIT(A) are coterminous with the powers of AO and if AO without making any specific query makes the addition, then assessee is entitled to assail the addition before CIT(A) and substantiate the same also by furnishing necessary evidence - The department has not brought on record any evidence to controvert the findings of CIT(A) – there was no reason to interfere in the order of the CIT(A) – Decided against Revenue. Addition on account of unsecured loans – Held that:- Cash of Rs. 1,50,000/- was deposited in accounts of creditors just one day before the issuance of cheque in favour of assessee firm - The proximity of cash deposit just before issuance of cheque requires credible evidence for establishing the genuineness of transaction - CIT(A) has merely observed that both were returning reasonable amounts of income every year but he has not given as to how much income was returned by the two creditors and has not demonstrated whether they were in a position to save so much cash for depositing the same in their account for issuing cheque in favour of firm – the entire evidence requires proper scrutiny – thus, the matter is remitted back to the AO for fresh adjudication – Decided in favour of Revenue.
|