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2015 (5) TMI 576 - AT - Income TaxUnaccounted cash deposit in the bank account - CIT(A) deleted the addition - Held that:- The dates of withdrawal from the companies cash book matches with the dates of equivalent deposited in ICICI bank account of the assessee. A finding has also been recorded to the effect that the amount withdrawn in the company’s cash books has been duly considered in the ledger account of the assessee in the books of company. The CIT(A) has also recorded a finding to the effect that the expenditure incurred by assessee on various trips expenses, diesel and oil of the trucks has duly been considered in the ledger accounts of the assessee in the book of the company and also such expenses has been claimed by the company by the deduction in its P & L account. Thus, there was a clear nexus between withdrawal made from cash book of the company and its deposit in the ICICI bank account of the assessee. The finding recorded by the CIT(A) is as per material on record and the same has not been controverted by the ld. DR by bringing any positive material on record - Decided against revenue. Unexplained investment in shares of the company M/s Sona Transport - CIT(A) deleted the addition - Held that:- From the record, we found that the company M/s Sona Transport Pvt. Ltd was promoted by his father Shri Pal Singh Saini and after the death of his father in the year 2000, all the 26,113 shares of the company held by father and father's HUF were transferred in the name of the assessee on 1st April, 2000 i.e. 8 years back. The register of the shares maintained by the company along with board resolution dated 1-4-2000 also indicating transfer of shares in the name of son. Thus, the shares received by the assessee from his father eight years back on father’s death cannot be said to be undisclosed investment on assessee. Since the shares were received as inheritance and no value was paid for the same, it was not shown in the balance sheet of the assessee filed during the course of assessment proceedings. Since there was no investment by the assessee in the shares of the company either during the year or in earlier year, there is no infirmity in the order of CIT(A) for deleting the addition - Decided against revenue.
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