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2014 (7) TMI 164 - AT - Income TaxReopening of assessment u/s 147/148 of the Act – Prima facie reason – Held that:- Reopening has been done on the basis of specific information in possession of AO from DIT investigation, New Delhi – the AO had prima facie reason to believe that income had escaped assessment – Decided against Assessee. Addition u/s 68 of the Act – Share application money – Amount received from debtor – Held that:- CIT(A) was primarily swayed by the consideration that assessee had returned loss of ₹ 9,792/- but the details as furnished by assessee particularly the details of sundry debtors, needs to be examined - if assessee’s claim is found to be correct then no addition is called for in current assessment year – thus, the order of the CIT(A) is set aside and the matter is remitted back to the AO for verification of assessee’s claim of realization of amount due from MKM Finsac Pvt. Ltd. – Decided in favour of Assessee.
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