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2017 (7) TMI 1003 - AT - Income TaxAddition on account of unexplained cash deposits in bank account on account of excise duty - Held that:- The assessee has explained the source of deposit of entire license fee of ₹ 3,30,16,69,936/- deposited by the AOP, which included the deposit of ₹ 79,50,000/-, and thus the deposit of amount of ₹ 79,50,000/-, claimed by the Assessing Officer towards the excise duty, stand explained. In our opinion, the order of the Ld. CIT-A on the issue in dispute is comprehensive and well reasoned and no interference Unexplained investment in purchase of car - Held that:- In view of no explanation of source of investment by the assessee, the Assessing Officer held the investment as unexplained. During first appellate proceedings, the assessee explained the same as ₹ 5.00 lakhs from own resources and balance ₹ 15 lakh out of loan taken from HDFC bank. During remand proceeding, the Assessing Officer verified these facts. In view of the verification by the Assessing Officer, the Ld. CIT-A accepted the explanation of the assessee and deleted the addition. In our opinion, the action of the Ld. CIT-A, in deleting the addition is well reasoned and justified as the source of investment stands duly explained and which is also verified by the Assessing Officer. Receipt of payment from various parties - reconciliation of the TDS with incomes/receipts declared in the return of income - N.P. determination - Held that:- Assessee has explained payments corresponding to TCS reflected in the form No. 26- AS related to the assessee. In the additional evidences, the assessee furnished copy of ledger accounts of all the relevant parties appearing in the books of accounts of the AOP showing the purchases made from those parties and the payments from bank account of the AOP to those parties. Once the payment to those parties has been verified from the books of the AOP, in our opinion no addition could have been made in the case of assessee. In these circumstances, the finding of the Ld. CITA on the issue in dispute is comprehensive and well reasoned and we do not find any error in the same
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