Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (2) TMI 499 - AT - Income TaxAddition u/s 68 - correlation between the amount surrendered in A.Y. 2007-08 and bogus credits/deposits shown in A.Y. 2009-10 - Held that:- The amount surrendered by the assessee is represented in the form of cash deposits in the books of accounts and not any other tangible assets. So, it is the cash pool which is available with the assessee and what is required to be investigated by the Revenue in order to hold its ground is that the assessee has exhausted the cash pool and was not in possession thereof at the beginning of the financial year under consideration. However, we donot see any findings given by the ld CIT(A) and the contention of the assessee that it was in possession of sufficient cash balance out of income offered in AY 2007-08 and which was circulated in AY 2009-10 remain uncontroverted. In light of above discussions we hold that the assessee shall be eligible to claim benefit of amount surrendered in AY 2007-08 amounting to ₹ 47,10,000 and to this extent, the addition stand deleted. The remaining addition of ₹ 18,36,664 is not disputed and the same is hereby sustained. - Decided partly in favour of assessee
|