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2016 (8) TMI 768 - HC - Income TaxAddition u/s.69B - understatement of the cost of imported machinery - Tribunal deleted the addition - Held that:- Tribunal has considered the provisions of Section 69B of the Act and has come to the conclusion that the onus is on the revenue to show that the assessee has expanded extra amount i.e. the amount invested by the assessee is more than the amount as recorded in the books of account. The Tribunal has concluded that the revenue has failed to discharge the burden of proof that the assessee has invested US $ 53,75,000 in the purchase of plant and machinery. We are in complete agreement with the findings of the Tribunal that the revenue has not been able to bring any evidence or material on record which may prove that the assessee has made the payment amounting to ₹ 5,73,000 to the plant and machinery supplier. Payment made by the third party who is not subject to Indian Income Tax Act cannot be regarded to have been made by the assessee. - Decided in favour of assessee
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