Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 2079 - AT - Income TaxAddition u/s 68 - unexplained cash credit - whether CIT(A) has wrongly deleted the addition specifically in the circumstances when the identity and genuineness and creditworthiness of the transaction of the said three companies have not been proved on record? - HELD THAT:- CIT(A) was of the view that the assessee as well as the three companies whose shares have been purchased by the assessee have proved the identity, genuineness and creditworthiness of transaction. Assessee has produced the PAN number, Bank Account, Balance-Sheet, Copy of return & Statement of bank account of all parties confirmation letter etc. Whether these documents are false and fabricated are not on record. A further enquiry is required to be done to falsify the claim of assessee in connection with the said three parties which the AO has not done. It is not necessary to going into the transaction of the source of the parties who sold their share to the assessee. CIT(A) has relied upon the law discussed above to allow the claim of the assessee which is not required to repeat the same. Nothing came into noticed that the CIT(A) has wrongly allowed the claim of the assessee. The facts are not distinguishable at this stage also. Therefore, taking into account of all the facts and circumstances mentioned above, we are of the view that the finding of the CIT(A) is quite correct which is not liable to be disturbed at this appellate stage. Accordingly, we affirmed the finding of the CIT(A) on this issue and decide this issue in favour of the assessee against the revenue.
|