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2014 (10) TMI 39 - HC - Income TaxCash credit entries - Identity of the creditors established - The Tribunal has confirmed the view of CIT(A) wherein the AO has directed to verified and deleted the addition same - the identity of the creditors was established - The transaction was made through the proper channel, so the genuineness of the transaction was also proved - The assessee has given the PAN number and full address of each creditors - Their assessment was pending with the same AO - verification of credit entries/transactions was very easy for the AO with the available record pertaining to the creditors - But the AO has not verified the same and adopted a shortcut method by making the addition – the addition was deleted by the CIT(A) after obtaining the remand report from the AO - the amount was transferred from Bank of Baroda to Standard Chartered Grindlays Bank Account - the AO verified the transaction and found it to be correct – the order of the Tribunal is upheld – Decided against revenue.
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