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2017 (2) TMI 721 - AT - Income TaxAddition on income from unexplained sources u/s 68 - sham transaction - Held that:- Assessing officer without making proper enquiries and without any basis considered the transaction of sale and purchase of commodities as sham transaction. The authorities below were not justified in holding that no credible evidence has been filed on record to prove genuineness of the transactions in the matter. The authorities below are also not justified in holding that no known or boanfide source of the transaction have been proved. Considering the totality of facts and circumstances and the fact that the nature of the income and source on the identical transaction have been accepted by the Department in preceding assessment year, authorities below were not justified in holding the income of the assessee from unexplained sources u/s 68 of the I.T. Act. We accordingly set aside the orders of the authorities below and delete the addition - Decided in favour of assessee
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