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2017 (1) TMI 1043 - AT - Income TaxAddition as investment in Emmar Hills and Townships - non accepting the assessee’s submission that these payments were made from the income in the hands of the company, advances given for the property out of said income as there was no other income for the assessee - Held that:- There was no cash at the time of survey and it has been accepted that cash has been received and utilized by the Directors at the time of survey operations. When the same reply was furnished before the CIT(A), he accepted the same and deleted the addition made by the AO by holding that the amount was already offered as additional income in the hands of company and the company has passed the necessary entries showing as advance given to the assessee and hence the sources for the investment was explained as expenditure. Therefore, considering the facts of the case, we do not find any infirmity in the order of the CIT(A) in deleting the addition made by the AO and the same is here by upheld dismissing the grounds raised by the revenue on this issue. - Decided in favour of assessee
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