Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (8) TMI 314 - AT - Income TaxDepreciation on cost of additions to the machinery – Held that:- There was merit in the contention of the assessee that for the assessee’s inability to produce the original invoices in respect of machinery/assets added during the year, there is a reasonable cause for the assessee for not producing the same at the relevant point of time before the AO - the assessee is in a position to produce invoices, copies of duly certified by the AO are also furnished and a cursory glance at those invoices clear reveal the relevant machinery/assets having been acquired during the previous year – thus, the matter is remitted back to the AO for fresh determination – Decided in favour of Assessee. Addition of unproved gifts u/s 68 – Held that:- The assessees have claimed to have received huge amounts of money gifts from friends, relatives, medical representatives and so on, on the occasion of inauguration of their hospital, they could not furnish either the details of such persons who gave the gifts, nor any other details or documentary evidence to substantiate their claim - the onus of establishing the identity of the donors, their creditworthiness and the genuineness of the gifts claimed - Explanation of the assessee of having received the gifts also needs to be viewed in the backdrop of the need for the assessees to explain the sources for the amounts of capital introduced by them in the firm, M/s. Prem Sharma Cardiac Care Centre, Warangal - the assessees are in medical profession with a standing that they could establish a hospital of their own, the amounts of gifts may be treated as unexplained income of the assessees from their profession, instead as unexplained credits liable for addition under S.68 of the Act - order of the CIT(A) is set aside – Decided in favour of Assessee.
|