Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (8) TMI 215 - AT - Income TaxAddition on account of unaccounted sales - CIT(A) deleted part addition - Held that:- AO without controverting the submissions/evidence furnished by the assessee treated the total cash deposits as income of the assessee. The AO did nothing to demonstrate that the purchase of retail business had been accounted for in the purchase of whole sale business. The above finding of the ld.CIT(A) has not been controverted by the Revenue by placing any material on record. Under these facts, we do not any reason to interfere with the order of the ld.CIT(A), same is hereby confirmed - Decided against revenue. Addition made on account of bogus cash-credit- CIT(A) directing the AO to verify the contentions of the assessee regarding addition - Held that:- Out of these nine persons, three persons are assessed to tax and their identity is also established, accordingly appellant has proved identify, genuineness of the transactions and creditworthiness of the creditors in respect of these persons.As far as genuineness of the transactions with other six persons is concerned, confirmation from these persons are already on record. Since amounts involved are small and these persons are intimately related with the appellant, it can be safely assumed that these amounts are accrued with these persons over a period of time. In this regard, the appellant has rightly placed reliance on Sunil Dua v/s. CIT (2008 (1) TMI 634 - Delhi High Court ) In view of the above facts, loans from these should be accepted. It will be worthwhile to mention here that my predecessor in appeal - Decided against revenue.
|