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2014 (6) TMI 74 - AT - Income TaxDeletion made u/s 68 of the Act – Unexplained creditors – Held that:- The assessee produced duly sworn in affidavits of 6 creditors - For the remaining, the assessee produced confirmation through affidavits etc. before the CIT(A) - the creditors have admitted their respective credits and have also explained their source(s) - unless the AO controverts the averments of the affidavits, the version given therein cannot be rejected - the evidence produced by the assessee in respect of the creditors were also considered – thus, the order of the CIT(A) is setting aside the addition is upheld – Decided against Revenue. Deletion of disallowance out of expenses – Held that:- All the expenses are in relation to the trading activities of the assessee - The AO has not rejected the books of account - AO has not doubted the receipts etc. and have accepted them – Relying upon CIT Vs. Maharaja Shree Ummaid Mills Ltd. [1991 (5) TMI 46 - RAJASTHAN High Court] – thus, the order of the CIT(A) is upheld – Decided against Revene. Deletion of low withdrawals for household expenses – Held that:- The addition is based on no material but on wild guess and pure estimation with reference to the size of the family and the standard of living - The AO has not brought any evidence on record, in this regard – the order of the CIT(A) is upheld – Decided against Revenue.
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