Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (2) TMI 617 - AT - Income TaxAddition u/s 69A/68 - CIT(A) allowed the claim - Held that:- Assessing Officer has summarily made addition without discussing as to why he was not convinced with a particular credit entry and before the ld. CIT(A). The assessee has filed all the relevant evidence and the ld. CIT(A) has called a remand report on the written submissions and evidence filed before him, but the Assessing Officer did not submit his remand report in time. The ld. CIT(A) has also observed that the Assessing Officer sought time which was allowed to him, but despite time allowed, he has not submitted the remand report. He simply objected the admission of evidence before the ld. CIT(A). The ld. CIT(A) himself has observed that the AO has not produced the assessment record despite directions. All these facts clearly demonstrate that despite sufficient time afforded to the Assessing Officer, he did not make any effort to demolish the evidence furnished by the assessee in support of its claim. The ld. CIT(A), however, has examined the details furnished before him and he has observed that before him assessee has filed confirmations of the depositors/creditors with full address, PAN, complete details of cheque amount & number loans/deposits; etc. The assessee has also furnished the details of TDS amount on interest payment to different creditors/depositors; photocopy of bank statement showing the deposits of loan/borrowed fund; etc. Since the assessee has furnished all the relevant evidence to prove the genuineness of the transaction and identity & creditworthiness of the creditors, we find no infirmity in the order of the ld. CIT(A) who has rightly accepted the claim of the assessee. Since no specific infirmity is pointed out in the order of the ld. CIT(A), we approve the same. - Decided in favour of assessee
|