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2018 (11) TMI 1775 - AT - Income TaxReopening of assessment u/s 147 - unexplained cash credit under the provisions of Section 68 - CIT(A) deleted the addition on the basis of remand report given by the AO wherein AO recorded the statement of the four contributors who had contributed towards time membership. They filed their audit report, copies of income tax return and bank statements - HELD THAT:- Other share applicants appeared before the Assessing Officer and filed their bank statements and confirmed to have contributed to the share application amount. Under these circumstances the ground raised by the revenue that CIT(A) has not given any opportunity to the Assessing Officer to raise any objection against the admission of additional evidence is without any merit. Since the Ld. CIT(A) has deleted the addition on the basis of remand report of the Assessing Officer wherein he has accepted the contribution towards time membership and the share application money as genuine, therefore, in absence of any contrary material brought to our notice by the Ld. Dr we do not find any infirmity in the order of the CIT(A) in deleting the addition made by the Assessing Officer on account of time membership, commission for arranging the accommodation entries and the share application money. The grounds raised by the revenue are accordingly dismissed.
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