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2017 (1) TMI 765 - AT - Income TaxEstimation of profit in respect of IMFL business carried by the assessee -Determination of income - Held that:- We direct the A.O. to re-compute the income of the assessee at 5% of purchase price. Accordingly, this ground of appeal raised by the assessee is allowed. Unexplained credits - Held that:- The assessee has proved identify of the party and also creditworthiness of the creditor and genuineness of the transaction. In our opinion, the assessee has discharged burden casted upon him to prove that the transaction is genuine. The Assessing Officer without examining the creditor, simply disbelieved the explanation given by the assessee and added the disputed amount in the hands of the assessee which is contrary to law. In appeal, Commissioner of Income Tax (Appeals) confirmed the order of the Assessing Officer without considering the submissions made by the assessee. In view of the above, the order passed by the Commissioner of Income Tax (Appeals) is deserves to be reversed. - Decided in favour of assessee
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