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2016 (5) TMI 243 - AT - Income TaxAddition u/s 68 - Held that:- Disallowance was on account of unexplained cash credit u/s 68. But the assessee has produced and explained the cash book of sister concern Suman Trading Co where the transactions with the assessee has been duly recorded and matched with the cash book. The ld. DR failed to bring anything contrary to the findings of ld. CIT(A). So we do not find any reason to say that ₹ 60 lakhs is unexplained cash. So we upheld the decision of ld. CIT(A). - Decided in favour of assessee Additions on account of the mismatch of records between M/s Shiva Cement Ltd and the assessee - Held that:- We understand that the discrepancies noted from the third party statement are not necessarily undisclosed income of the assessee.The additions cannot be merely made on the evidence collected from third parties. In our considered view we are inclined not to interfere in the order of ld. CIT(A)in deleting the addition - Decided in favour of assessee
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