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2015 (6) TMI 515 - AT - Income TaxAddition u/s.68 - CIT(A) deleted the addition - Held that:- There is no dispute with regard to the fact that the identity of the depositors is not doubted. The genuineness of the transaction also established as the same effected through banking channel. The assessee has furnished evidences of the creditworthiness of the persons from whom he has obtained loans. The Revenue has not rebutted the evidences placed by the assessee by placing any contrary material on record. Therefore, we do not see any reason to interfere with the order of the ld.CIT(A), same is hereby upheld. - Decided against revenue. Disallowance of shop rent & godown rent - CIT(A) deleted the addition - Held that:- The shop rent and godown rent were disallowed on the ground that no PAN or confirmation of the parties were furnished to whom these payments of rent were made. The books of account of the appellant were audited. The shops and godown were not taken on rent during the year under consideration but the same were taken on rent in A.Y. 2003-04. No such disallowance were made in earlier year. The Ld. Counsel has furnished sufficient evidence for the tenancy of the shop and godown. Such evidences were also independently filed before the Assessing Officer during remand proceedings vide letter dated 11.08.2011. After considering the evidences so filed, there is no justification for disallowing the shop and godown rent - Decided against revenue.
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