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2015 (10) TMI 2436 - AT - Income TaxAddition u/s 68 - Held that:- It is clear and beyond any doubt that the unsecured cash creditors in respect of which the additions were made by the Assessing Officer u/s 68 of the Act has been examined in detail by the ld CIT(A) and he has given a clear finding that all the aforesaid cash credits were admittedly old and balances therein reflected only the brought forwarded balances. The Assessing Officer in his remand report has also not disputed this fact. In the light of these uncontroverted facts, these cash credits pertained to years prior to year under consideration. Further, in terms of section 68 and in the light to the decision of the Hon’ble Rajasthan High Court Lakshman Swaroop Gupta & Bros (1972 (11) TMI 20 - RAJASTHAN High Court), the additions made by the Assessing Officer cannot be sustained as the unsecured cash credits doesn’t pertain to the year under consideration.- Decided in favour of assessee. Disallowance of interest - CIT(A) deleted the addition - Held that:- We have gone through the order of the ld CIT(A) and we do not feel any infirmity in the said order. Neither the revenue has brought any further facts to prove that this payment of interest to the creditors were not genuine or bogus - Decided in favour of assessee.
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