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2018 (1) TMI 1502 - AT - Income TaxAddition u/s 68 - assessee borrowed sum from Shri Subair Khan, NRI, brother of Mr. Nizar Ahmed - as submitted that the said amount was paid by Shri Subir Khan towards booking 1000 sq. ft. space in the building called “Killi Towers” under construction at that time - HELD THAT:- The details of repayment of loan was not filed before the lower authorities and they had no occasion to examine the details. Further, the assessee has taken two different stand, one before the CIT(A) and another before the Assessing Officer. Hence it is appropriate to remit the issue back to the file of the Assessing Officer to examine the same afresh in accordance with law. Accordingly, we remit the issue to the file of the Assessing Officer for his fresh consideration and decide the same after giving opportunity of hearing to the assessee. Thus the appeal filed by the assessee is partly allowed for statistical purposes. Unexplained capital contribution by the partners - addition u/s 68 - search operation u/s. 132 - survey u/s. 133A at the office of the assessee’s auditor - CIT(A) deleted the same by observing that the balance sheet and income and expenditure filed subsequent to the survey cannot be relied upon and no addition could be made on account of capital contribution brought in by the partners - HELD THAT:- The balance sheet filed subsequent to the survey needs to be verified which has not been verified either by the Assessing Officer or by the CIT(A). Hence, in the interest of justice, we remit the disputed issue to the file of the Assessing Officer for fresh consideration and decide the issue in accordance with law after giving reasonable opportunity of hearing to the assessee.
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