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2017 (3) TMI 890 - AT - Income TaxAddition u/s 41 - genuineness of the sundry creditors - Held that:- Assessee miserably failed to furnish any proper detail and details of sundry creditors nor could furnish any detail if any payment was made to the sundry creditors in subsequent years and most importantly the fact that assessee has himself offered to ld. Assessing Officer for making addition of ₹ 7,02,042/-. We, therefore, find no reason to interfere with the order of ld. Commissioner of Income Tax(A) on this issue. Accordingly, the appeal of assessee is dismissed. Deduction u/s.54EC - Held that:- Legislature has introduced the prospective amendment w.e.f. 1.4.2015 in the existing provisions of sub-section (i) of section 54EC of the Act, thus we confirm the view that assessee has rightly claimed deduction u/s 54EC of the Act of ₹ 1 crores. We, therefore, find no reason to interfere with the order of ld. Commissioner of Income Tax(A) and accordingly dismiss the appeal of Revenue.
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