Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (4) TMI 702 - AT - Income TaxUnexplained expenditure u/s 69C for the commission paid to the brokerage company for arranging bogus bills - AO added income from other sources which was long term capital gain from shares by treating the same as bogus for the reasons that the company M/S Goldstar Finvest Pvt Ltd was a group company of Mr Mukesh Chokshi which was involved in issuing bogus bills for purchase - Held that:- the basis of additions by the AO is completely unfounded and the AO made the addition on the basis of just conjecture and surmises that the assessee had transacted through M/S Goldstar Finvest Pvt Ltd which was a group company of Mr.Mukesh Chokshi a hawala dealer. The ld AR submitted before us that no materials has been brought on records by the AO while making additions by just giving one line (last line) observation of the assessment order. We find merit in the arguments of the ld AR that there is no basis for the said addition u/s 69 of the Act and order of FAA confirming the same is also wrong. In view of our observation in hereinabove we allow this ground in favour of assessee by deleting the addition - Decided in favour of assessee
|