Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (3) TMI 1047 - AT - Income TaxAddition u/s 68 - share application money and unsecured loan received from directors as unexplained - Held that:- When the depositors are regular tax payers and the advances made by such depositors as also share application monies paid by such shareholders are duly accepted in their personal assessments, there cannot be any occasion to hold that these amounts are unexplained in the hands of the company. The credit worthiness or identity cannot be an issue in such a situation. The fact that there are doubts about sources of these monies in the hands of the depositor or shareholder cannot be an issue either. In any event, when credit worthiness is accepted for a part of the amount, as the CIT(A) rightly holds, credit worthiness cannot be declined for another part of the same amount- and that too without any cogent material at all. In the case of a director, the identity also stands accepted anyway. In the light of these discussions, as also bearing in mind entirety of the case, approve the well reasoned conclusions arrived at by the learned CIT(A) and decline to interfere in the matter. Additions made on account of disallowance of employees’ contribution to PF and ESI under section 36(1)(va) - CIT-A deleting the additions -Held that:- When it was pointed out to the learned DR that the CIT(A) has given a categorical finding that the amounts well within the grace period, and there is nothing to controvert the same, learned DR did not say anything beyond placing reliance on the order of the Assessing Officer. We, therefore, see no reasons to disturb the conclusions arrived at by the CIT(A) and to interfere in the matter.
|