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2016 (10) TMI 1316 - AT - Income TaxAssessment u/s 153A - absence of any incriminating material in search - unexplained share application money u/s 68 - HELD THAT:- From the CIT(A)’s order there is a clear finding that no incriminating document or material was found related to the property which corroborates the allegation made by the AO. In Para 3.2, the CIT(A) clearly mentioned that the documents were filed before the AO. Thus, besides these documents there was nothing incriminating found by the Assessing Officer. The CIT(A) also observed that during the course of search at the appellants’ premises nothing incriminating was found reference to the impugned share application money. There is no need to interfere with the order of the CIT(A). The present case is also squarely covered by the judgment of the Hon’ble Delhi High Court in case of Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT]. - Decided in favour of assessee.
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