Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 557 - ITAT MUMBAIValidity of proceeding u/s. 153C - Unexplained cash credit u/s 68 - claimed deduction u/s 54 as making investment in Marvel Group - purchase of flat - whether the proceeding is bad-in-law without jurisdiction - Held that:- DCIT – CC(1)(1) has rightly followed the procedure for informing the A.O. for initiating the proceedings u/s. 153C of the Act. We agree with the finding of the Ld. CIT(A) and dismiss the cross objection filed by the assessee. Regarding additions - Held that:- A.O. failed to make any enquiry to know the identity of the people mentioned in the ledger account. No details were called by him from the Marvel Group. There is no statement indicating that the assessee had given any cash amount. There is no finding in the case of Marvel Group about the destination of these amounts. The A.O. failed to consider that the assessee purchased the property in Marvel Enigma whereas the ledger account mentions the project at “Mystique at Honavar” and “Abnave at Hadapsar”. - CIT(A) has rightly deleted the additions - Decided against the revenue.
|