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2016 (5) TMI 57 - AT - Income TaxAddition u/s 68 - Held that:- Assessing Officer was not satisfied with the submissions of the assessee, he pointed out some discrepancy in the balance-sheet of M/s. Buniyaad Chemicals Ltd. and treated the amount of shares capital as unexplained cash credit under section 68 of the Act, and added the same to the income of the assessee. But before doing so, the Assessing Officer neither provided an opportunity of cross- examination of his witness, as was demanded by the assessee, nor he brought on record any other adverse material to controvert the evidences placed on record by the assessee. It is worth noting here that the Assessing Officer had made direct inquiries with M/s. Buniyaad Chemicals under section 133(6), in response to which confirmation was filed by the said company. But the learned Assessing Officer preferred to rely upon the "statement" of Mr. Mukesh Choksi and disregarded all the evidences filed by the assessee as well as evidences collected by him directly from the shareholder company which confirmed the claim of the assessee. Thus we find that in the peculiar facts and circumstances of this case, the addition made by the Assessing Officer is not sustainable as per the law and the same is directed to be deleted. - Decided in favour of assessee
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