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2016 (10) TMI 487 - AT - Income TaxUndisclosed credit entries reflecting in the bank statements - Held that:- We disagree with the view taken by the lower authorities that the credit entries reflecting in the undisclosed bank statement are representing the income from undisclosed sources. It is because that it is the duty of the lower authorities to establish the exact nature and character of such receipts. The argument placed by Ld AR that these credit entries are reflecting from the disclosed bank account has not been considered by the lower authorities. Ld. AR before us has filed the reconciliation statement of all the entries reflecting in the disclosed and undisclosed bank account. We find that all the credit entries reflecting in the undisclosed bank account are coming from the disclosed bank account of assessee. In support of this, Ld. AR has filed bank statement along with reconciliation which are placed on record. Ld. DR has not brought any defect in the details filed by assessee. In view of above, we find no undisclosed income / investment has escaped assessment. Therefore, we reverse the order of Authorities Below. AO is directed accordingly. Hence, inter-connected ground of assessee is allowed. Addition u/s 40A - Held that:- As decided in CIT vs. Crescent Export Syndicate [2008 (7) TMI 977 - CALCUTTA HIGH COURT ] the genuineness of the purchase has been accepted by the ld. CIT (Appeal) which has also not been disputed by the department as it appears form the order so passed by the learned Tribunal. It further appears from the assessment order that neither the Assessing Officer nor the CIT ((Appeal) has disbelieved the genuineness of the transaction. Therefore was no dispute that the purchase were genuine. Tribunal has correctly came to the conclusion by deleting the addition under section 40A(3) of the Act. - Decided in favour of assessee.
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