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2022 (1) TMI 1348 - CALCUTTA HIGH COURTUnexplained credits - reliance on statement recorded from the CFO - HELD THAT:- From the statement recorded from the CFO the tribunal found on facts that the reconciliation and the explanation was duly supported by evidence which were on record. That apart, the assessee was called upon to explain various details which formed part of the addition made u/s 68 by AO and the Tribunal has recorded that the assessee has explained before it in entirety the reconciliation and also explained all the discrepancies. Tribunal said that the AO ought to have asked to produce the bills and evidence of delivery of materials such as road challan and accepted challan copy etc. and no enquiry was made by the assessing officer in this regard and he has been swayed entirely by the statement of the CFO who was not allowed to be cross-examined. Tribunal on facts, concluded that the reconciliation is supported by evidence which is on record and there is no difference in the balance sheet and in the books of accounts of the assessee and accordingly dismissed the appeal filed by the revenue. The above factual discussion has been set out by us in the preceding paragraphs to demonstrate that the case on hand involves adjudication and re-adjudication into facts. This exercise has been done by the CIT(A) as well as the tribunal and we are precluded from doing such an exercise in an appeal filed u/s 260A of the Act where we are required to decide the question of law which in our considered opinion does arise in the instant case. Appeal filed by the revenue is dismissed.
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