Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 1574 - ITAT CHANDIGARHUndisclosed income - bogus liability - HELD THAT:- Factum of advance of ₹ 1,00,00,000/- given to M/s Gulmohar Landcons (P) Ltd. and also the receipt of the amounts back by the assessee have not been examined clearly either by the Assessing Officer or by the Ld. CIT(A). AO has made an addition of ₹ 78,00,000/- on account of asset and liabilities statement filed by the assessee and based on the statement of the Shri. Darshan Singh whereas the amount advanced was ₹ 1,00,00,000/-as per the statement of Shri. Darshan Singh. Hence this issue is being sent back to the file of Assessing Officer with a direction to examine the issue afresh. Appeal of the assessee is allowed for statistical purposes. Admission of additional evidences under Rule 46A - CIT-A deleting the addition on account of bogus liability - HELD THAT:- CIT(A) has given justification in para 3.2 of the order the reasons for accepting the additional evidences. The additional evidences were accepted as the assessee could not contact Shri. Yashpal Aggarwal during the assessment proceedings and a remand report was also called from the Assessing Officer who in turn examined the details submitted before the Ld. CIT(A) and found no adverse material contrary to the submissions made and hence the Ld. CIT(A) deleted the addition. Since the Assessing Officer has duly examined the copy of the ledger account and the confirmations and not brought any material rebutting the contention of the assessee, the decision of the Ld. CIT(A) deleting the addition is hereby confirmed. Unexplained cash credit - Advances in cash - CIT(A) held that if the Department had any doubt, it could have enquired into the source of payment made of ₹ 31,00,000/- by the assessee, which has not been done - HELD THAT:- After going through the material available on the record since the amount of ₹ 31,00,000/- has been received back by the assessee and the sources have been fully explained and confirmed by the payee, supported by the agreements we decline to interfere with the order of the Ld. CIT(A). Transaction between the M/s. Hash Builders Pvt. Ltd. and the assessee - HELD THAT:- There was no dispute regarding the advances received, the sources were never in question. At the most the Assessing Officer could have estimated commission income on account of transactions done through the assessee for the acquisition of properties for the companies for which he is working. Instead, the Assessing Officer has treated the entire advances as income of the assessee which cannot be accepted and without any legal or factual basis. Hence we refrain from interfering with the order of the Ld. CIT(A) in deleting the addition.
|