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2016 (5) TMI 1575 - ITAT KOLKATAUnexplained cash credits - absence of any nexus between the corresponding sales and the amounts in question - HELD THAT:- On verification of the ledger accounts of M/s. Sahara Minerals and of M/s. V.K. Minerals CIT(Appeals) found that sales made to the said two parties were duly accounted for and offered by the assessee as its income and since the amounts in question treated to be unexplained cash credits by the Assessing Officer were claimed to be received against the said sales, the ld. CIT(Appeals) held that such addition under section 68 to the extent of corresponding sales already declared by the assessee as income would result in double addition. As already noted by us, this position was accepted even by the Assessing Officer also in the remand report submitted to the ld. CIT(Appeals). The ld. CIT(Appeals) thus allowed a relief to the assessee to the extent of ₹ 2,67,09,704/- being the amount already offered as income by the assessee in the form of sales and restricted the addition of ₹ 4,68,02,738/- made by the Assessing Officer under section 68 to the extent of ₹ 2,93,00,034/-. Having regard to all the facts and circumstances of the case, we find no infirmity in the impugned order of the ld. CIT(Appeals) giving this relief to the assessee and upholding his impugned order on this issue, we dismiss the appeal filed by the Revenue.
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