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2019 (2) TMI 2024 - AT - Income TaxUnexplained cash credits u/s.68 - As explained by the Ld.AR that the assessee had not actually introduced cash but the assessee’s accountant had wrongly passed such entries in the books of accounts. It was further explained that assessee had brought in to his books of accounts his family jewellery, property received out of family settlement, vacant land purchased in Sri Ram Nagar and the land & building in Sri Ram Nagar which were all assets not acquired during the relevant assessment year - HELD THAT:- Since the cash credit standing in the books of accounts of the assessee relates to all the assets discussed herein above, we are of the considered view that the addition made by theLd.AO is erroneous and warranted. From the facts of the case it also appears that the Ld.CIT(A) has also not considered the issue in the correct prospective. Therefore we hereby direct the Ld.AO to delete the addition made in the hands of the assessee by invoking the provision of Section 68 of the Act because the assessee has not actually introduced cash in his books of accounts during the relevant assessment year but it relates to all the assets owned by the assessee explained hereinabove. Appeal of assessee allowed.
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