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2014 (11) TMI 380 - ITAT HYDERABADAddition of unexplained cash credits u/s 68 – Facts and evidences not properly appreciated by CIT(A) - Held that:- CIT(A) accepted assessee’s claim on mere face value without supporting evidence only on the reason that assessee has made payments through crossed-cheques to M/s Sainatheswara Traders, Hyderguda, which proves the fact of transaction being carried out by assessee with that party - While coming to such conclusion though the CIT(A) has observed that AO has verified all the cheques and found that except an amount of ₹ 3,78,467 rest of the amount is credited to the account of M/s Sainatheswar Traders - the conclusion drawn by CIT(A) is not correct - assessee apart from submitting that it has entered into purchase and sale transaction with M/s Sainatheswara Traders, Hyderguda has failed to produce any corroborative evidence to prove either the existence of M/s Sainatheswara Traders, Hyderguda or the fact that Mr. Manoj Kumar Jain is either proprietor or partner of the concern or in any way related to M/s Sainatheswara Traders, Hyderguda - There is also no documentary evidence to show that payments made to Mr. Manoj Kumar Jain is at the instruction of M/s Sainatheswar Traders - no bills and vouchers have been produced to prove either the purchase from M/s Sainatheswara Traders, Hyderguda or sale to them - even the assessee has not produced the quantitative details of purchase and sales effected by it during the year - the conclusion drawn by CIT(A) cannot be accepted as it is without proper appreciation of facts and evidences – thus, the order of the CIT(A) is set aside and the matter is remitted back to the AO for fresh adjudication – Decided in favour of revenue.
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