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2014 (10) TMI 1004 - AT - Income TaxUnexplained cash credits u/s 68 - As per AO identity of creditors, capacity of creditors to advance the money and genuineness of transaction were not proved during the assessment proceedings - CIT-A deleted the addition - HELD THAT:- When the member of co-operative society deposits money in his account maintained with the co-operative society, the money does not become unexplained cash credit of the society, unless the identity of the member is not proved. In the case on hand no such evidence has been gathered by the AO. On the other hand the assessee has given evidence as to the identity of the member. The factual finding of Ld. CIT(A) could not be controverted by the DR. Hence, we have to uphold these factual findings of Ld. CIT(A) In view of the above discussion and in view of the fact Ld. Departmental Representative could not controvert the factual recording made by the first appellate authority and as the assessee has filed all necessary evidence before the revenue authorities, we uphold the order of first appellate authority and dismiss this ground of revenue. Disallowance u/s 80P as against the denial of deduction u/s 80P(2)(i) - AO rejected the claim for the reason that the books of accounts have been rejected by him - CIT(A) has reversed this decision - HELD THAT:- Under these circumstances we uphold the finding of the first appellate authority that deduction u/s 80P(2)(i) is to be granted. - Decided against revenue
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