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2017 (6) TMI 826 - AT - Income TaxAddition on unexplained credit - opening entry to the credit - no supporting evidence was furnished by the assessee - Held that:- The whole addition is on the premise that the assessee could not file confirmation from M/s Jade Investment and Leasing Pvt. Ltd. However in para 4(c) of the assessment order there is specific mention that this is a credit from the said party i.e. M/s Jade Investment and Leasing Pvt. Ltd. The assessee produced the books of accounts/audited account before the Assessing Officer to explain the amount. It is evidently clear that the impugned amount is opening balance and even before the Tribunal, the Ld. DR has clearly admitted that even the CIT(A) accepted the explanation of the assessee that this entry was on the basis of evidence at that time and directed the Assessing Officer to delete the addition made in the original assessment order, meaning thereby, the evidence was available during original assessment proceedings, which clearly proves that the amount was in the name of M/s Jade Investment and Leasing Pvt. Ltd. The assessee has duly explained that the opening entry to the credit of M/s Jade Investment and Leasing Pvt. Ltd. is only carried forward balance as on 31/03/1991, which is fortified by the copy of the audited balance sheet of the accounts of the assessee, thus, the opening balance cannot be treated as undisclosed income - Decided in favour of assessee.
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