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2015 (11) TMI 61 - AT - Income TaxAddition u/s 68 - CIT(A) deleted the addition - Held that:- The assessee has discharged its primary onus by establishing identity and creditworthiness of the share holders. The transactions stood confirmed also, on the basis of confirmation letters of all these share holders. The AO doubted the genuineness by relying upon some statements which were not recorded by the Assessing Officer. The statements relied by ld. Assessing Officer were not tested in the assessment proceedings conducted by the Assessing Officer. No opportunity of cross examination was provided by the Assessing Officer to the assessee before using these statements against the Assessing Officer. The assessee discharged its onus as per law, as stipulated section 68 of the Act. On the other hand, the Assessing Officer was not in position to controvert the factual material and documentary evidences placed by the assessee and he could not bring anything contrary on record to negate the documentary evidences furnished by the assessee. In view of the peculiar facts and circumstances of this case, order of ld.CIT(A) is upheld. - Decided against revenue.
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