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2015 (12) TMI 127 - AT - Income TaxAddition u/s 68 - accommodation entries - Held that:- when the assessee has duly explained the source of credit in their account on account of loan, interest on loan and cash deposits etc. and has also claimed expenses on account of bank charges, conveyance, salary and allowances and depreciation, we are of the considered view that addition should not have been made without verifying the genuineness and creditworthiness of the parties who have otherwise confirmed the same. So, in view of the matter, it would be proper in the interest of justice to set aside the order passed by the authorities below and the matter is restored back to the file of A.O. for making assessment afresh after affording proper opportunity of being heard to the assessee in accordance with the Act. - Decided in favour of assessee for statistical purposes
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