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2016 (11) TMI 941 - AT - Income TaxUnexplained cash credit addition u/s 68 - Held that:- The only point of difference is that in the balance-sheet it has been portrayed as a loan received in the earlier years whereas in the books of account of her husband the said sum was not appearing in the balance-sheet as it was treated as a gift in the earlier years itself. We find that after the Assessing Officer rejected her explanation, the appellant furnished a gift confirmation before the Commissioner of Income-tax (Appeals) but the same has been outrightly rejected. In our considered opinion, the Commissioner of Income-tax (Appeals) ought to have considered the gift confirmation filed by the assessee's husband because the same was in fact reiteration of the explanation which was already before the Assessing Officer. Thus the explanation rendered by the assessee has been unjustly rejected by the lower authorities and, therefore, the impugned addition made by invoking section 68 of the Act is unsustainable. We hold so. We, therefore, set aside the order of the Commissioner of Income-tax (Appeals) and the Assessing Officer is directed to delete the addition - Decided in favour of assessee
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