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2016 (2) TMI 1182 - AT - Income TaxAddition u/s 68 - transaction recorded on the basis of which peak credits were worked out were accepted to be belonging to Chetan Gupta - Held that:- Before making any addition u/s 68, it is necessary to prove on the part of the revenue that there is a sum found credited in the books of the assessee. The Pen Drive found from Chetan Gupta cannot be regarded to be the books maintained by the assessee. In view of sum not being found credited in the books of the assessee, it is of the view that provisions of section 68 cannot be applied in this case. Book will always mean systematic recording of the financial data from which financial accounts i.e. profit & loss account and balance sheet can be made at the close of the period for which these books are maintained. Set aside the order of the CIT (A) and delete the addition made. - decided in favour of assessee.
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