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2018 (4) TMI 793 - AT - Income TaxAddition u/s 68 - sundry creditor M/s. Transearch Consultations Pvt. Ltd - assessee has written back the amount in question - Held that:- A.O. should have made full addition against the assessee-company of ₹ 33 lakhs. The book results of the assessee-company have not been disturbed by the A.O. The decision in the case of CIT vs. Ritu Anurag Aggarwal (2009 (7) TMI 1247 - DELHI HIGH COURT) would support the case of the assessee-company. The assessee-company has also written back the amount in question in subsequent year which is also supported by the ledger account of this party. Since the assessee-company has offered the same amount for taxation in subsequent year, therefore, if the said addition is maintained in the assessment year under appeal, it would amount to double addition. Otherwise also, it is a case of loss, therefore, when amount is surrendered subsequently for taxation, at the best, it could be a tax neutral exercise. Considering all no justification to sustain the addition. - Decided in favour of the assessee-company. Addition u/s 68 in respect of unsecured loans from M/s. Maple Technology Ltd., and M/s. Marry Gold Overseas Limited - Held that:- As the assessee-company proved the identity of the creditors, their creditworthiness and genuineness of the transaction in the matter. The decisions relied upon by the Ld. D.R. do not support the case of the Revenue - no justification to sustain the addition
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