Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (11) TMI 429 - AT - Income TaxAddition on account of credits against non-existent sales - accommodation entries - CIT(A) deleted the addition - Held that:- Shri Ravinder Hadav has been held to be the beneficial owner of the transactions routed in his various bank accounts and the peak credit in the bank accounts, along with the profits of the business and the accruals to/increases in the balance sheet of M/s R.V.Traders, was brought to tax in his hands. Being satisfied by the reasoning and finding arrived at therein, the departmental ground is dismissed. While coming to the said conclusion we have take into consideration the explanation offered by the assessee at the assessment stage and the fact that it was similarly argued before the CIT(A). The explanation along with evidences have been confronted to the AO who also agrees that nothing new is being said. The fact remains that genuineness of the transaction stands un-assailed on record. The drafts/pay orders received against sales made stands consistently accepted by the assessee. In these peculiar facts and circumstances of the case where the CIT(A) gives a finding that these transactions stand already taxed in the hands of the Ravinder Yadav which fact remains un-assailed on record. In these peculiar facts and circumstances we find no infirmity arrived at in the impugned order. The departmental ground is accordingly dismissed. - Decided in favour of assessee.
|