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2014 (7) TMI 600 - AT - Income TaxAddition u/s 68 of the Act - Genuineness of investment – Held that:- There was no merit in the Revenue’s grounds – it could not be understood as to how the Revenue is contesting the issue, when Shri Chamundeswar Nath confirmed the amount as invested by him and also furnished the evidence with reference to his bank accounts and returns filed by him - all the four investors are assessees on record, and there is no dispute with reference to confirmations filed by them, as far as share application money receipts are concerned - If the AO has any doubt about the loans obtained by Shri Chamundeswar Nath, it is for the AO who is assessing the person to examine the credits – AO does not have power to examine the source of the source and on the facts of the case, there is no merit in the Revenue’s grounds at all – Decided against Revenue.
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