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2017 (6) TMI 1078 - AT - Income TaxAddition as peak credit - Held that:- Neither the AO nor the Ld. CIT(A) made any attempt to find out the veracity of the statement given by the assessee that he was only a name lender doing accommodation entry for the beneficiaries. It was the bounden duty casted upon the AO/CIT(A) in case they do not believe the statement to have made enquiry and found out as to whether the modus operandi as suggested by the assessee is false or incorrect. If the claim of assessee is correct it was the duty of the AO to bring out the truth and find out the beneficiary and bring to tax the real income undisclosed in the hands of the beneficiary. The assessee’s ground of appeal against the peak addition made on the basis of peak credit is allowed for all the assessment years.
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