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2017 (11) TMI 1594 - AT - Income TaxAddition u/s 68 - unexplained cash credit - Held that:- The contentions of the Ld. DR that the statement of the directors of the assessee should have been taken into consideration by the CIT(A) and the addition of the undisclosed income was justified by the assessee. This contention can not have a support unless and until the supportive documents were taken into congnizance by the Assessing Officer. The Assessing Officer has not taken any efforts to verify the statements of the Directors from the record. The CIT(A) has rightly deleted the additions by taking into consideration all the aspects of statements as well as the documents produced by the Assessee before the Assessing Officer. - Decided in favour of assessee.
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