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2014 (11) TMI 66 - AT - Income TaxDenial of additional evidences Held that:- CIT(A) ought to have examined whether the confirmations are fabricated or genuine - the Directors of the assessee-company categorically stated that the transactions are not genuine - If the transactions are genuine and it is proved so, in that eventuality such amount cannot be taxed and in case, if it is proved that the confirmations are fabricated or not genuine, otherwise created to make non-genuine transaction as genuine transaction, in that eventuality the criminal liability would be attracted under the various provisions of the Act - if any credit entries reflected into the account of the assessee the assessee is required to prove the identity of the creditors, genuineness of the transaction and creditworthiness of the creditors - out of the three ingredients, the assessee has established the identity of the creditors by furnishing the PANs and confirmation from such creditors although at the stage of CIT(A) - However, the other two ingredients are required to be established by the assessee thus, the order of the CIT(A) is set aside and the matter is remitted back to the AO for adjudication Decided in favour of assessee. Admissibility of expenses Applicability of judgments relied upon by assessee - Held that:- Before the CIT(A) various judgements were relied upon by the assessee in support of its contention - There is no whisper as to how these judgements are not applicable on the facts of the present case thus, the matter is remitted back to the AO for fresh adjudication Decided in favour of assessee.
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