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2015 (9) TMI 274 - AT - Income TaxAddition u/s.68 - CIT(A) restricted part addition - Held that:- The finding of the ld. CIT(A) that there were transactions of cash deposit and withdrawal. This fact is not controverted by the Revenue by placing any contrary material on record. We are of the considered view where there are deposit and withdrawal entries into the bank account, it would be presumed that the amount withdrawn was available with the assessee for depositing the same. Therefore, it cannot be concluded that the entire deposits were from unexplained source. We do not see any reason to interfere with the finding of the ld. CIT(A), the same is hereby upheld. - Decided against revenue. Disallowance of interest expenditure paid towards interest paid to HDFC secured loan - CIT(A) deleted the addition admitting additional evidence - Held that:- There is no specific submission as what were the evidences which were considered by the ld. CIT(A) without giving opportunity to the AO and/or the evidences which were not available before the AO. Therefore, this contention of the Revenue is also devoid of any merit. Thus, we do not see any reason to interfere with the order of the ld. CIT(A), same is hereby upheld - Decided against revenue.
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