Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (11) TMI 485 - AT - Income TaxClaim of deduction u/s 80IB - Business of manufacturing and printing of packing material – Assessee was having factory license before it started manufacturing activities or not - Held that:- As decided in assessee’s own case for the earlier assessment year, it has been held that Assessee has already been granted deduction under 80IB in earlier years and therefore deduction cannot be denied in the third year - the Assessee’s claim for deduction u/s 80IB has been allowed by CIT(A) and the copy of the orders are placed on record - With respect to the submission of the A.O that in the absence of power it cannot be said that Assessee could have started manufacturing process, the Assessee has submitted that its requirement of power was met through D.G sets – the order of the CIT(A) is upheld – Decided against revenue. Addition on capital introduction - Proof of credit worthiness and genuineness of cash introduction – Held that:- During the year Assessee had introduced fresh capital of ₹ 5,40,376/-. The Assessee was asked to give explanation in support of the source of capital to which AO has noted that Assessee neither gave any explanation nor furnished any documentary evidence nor the bank book or statement was made available to AO - CIT(A) by a cryptic order has allowed the claim of Assessee - the matter needs re-examination at the end of AO – thus, the matter is to be remitted back to the AO for fresh examination – Decided in favour of revenue. Addition of unsecured loan - Onus to prove the genuineness of the transaction – Held that:- Before AO Assessee did not file any confirmation to prove the identity creditworthiness and genuineness of the transaction - Before CIT(A) Assessee submitted that the lender of the amount was the father of the Assessee - the AO be granted an opportunity to examine the submission of the Assessee – thus, the matter is remitted back to the AO to verify the factual position as submitted by the Assessee before CIT(A) – Decided in favour of Revenue.
|