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2016 (7) TMI 508 - ITAT AHMEDABADUnexplained cash credit u/s 68 - Held that:- It is assessee’s submission that the assessee had furnished the details to prove the genuineness of transaction and if given one more opportunity, the assessee would present Shanti Metals Pvt.Ltd. before the AO and also furnish all the other necessary details required and also prove that the transactions with Shanti Metals Pvt.Ltd. was genuine and therefore no addition u/s.68 was required. Considering the aforesaid request of the assessee’s ld.AR, in the interest of justice, we are of the view that the assessee be granted one more opportunity to prove the transactions. We therefore restore the issue back to the file of AO to decide afresh the issue of addition u/s.68 of the Act with respect to the amount received from Shanti Metals Pvt.Ltd.- Decided in favour of assessee for statistical purposes. Net Profit estimation - rejection of books of account - Held that:- It is assessee’s contention that it had produced the books of account before AO and other required vouchers.On the other hand, it is AO’s contention that the required details were not furnished by the assessee. Ld.CIT(A) while upholding the action of AO has inter alia noted that details called for by AO were neither furnished before AO nor during appellate proceedings and further assessee had also not explained the basis for revising the returned income to NIL as against returned loss of ₹ 38,90,070/- after selection of the case for scrutiny and issuance of notice u/s.143(2) of the Act. In view of the contrary submissions by the assessee and the AO, we are of the view that one more opportunity be granted to the assessee to produce the entire books of account, vouchers, and such other details required by the AO, more so when the ground No.1 with respect to unexplained cash credit is also remitted back to the file of AO. - Decided in favour of assessee for statistical purposes.
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