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2018 (4) TMI 875 - ITAT MUMBAIAddition u/s 68 - disallowance of unexplained cash credit - assessee being beneficiary of accommodation entry - Held that:- It is noteworthy that assessee was not supplied a copy of the statement of Shri Giriraj Vijayvargia nor any cross examination was allowed during the course of assessment proceedings. The assessee has throughout denied allegations of the AO of being beneficiary of accommodation entries given by Shri Giriraj Vijayvargia - each and every aspect has been touched upon on which the AO has relied while making the addition. A detailed and comprehensive findings has been given by CIT(A) as is reproduced as above and finally the CIT(A) deleted the addition by holding that the conclusion of the AO treating the transaction as sham was not proved on the basis of evidences on record and thus the CIT(A) narrated the said conclusion as derived on the basis of assumptions and surmises. CIT(A) also noted that assessee was not provided a copy of statement nor any cross examination was allowed to the assessee. CIT(A) has taken into account each aspect of the matter of investments in preference shares and sales thereof into account and only after noticing the infirmities and defects in the investigation/enquiry by the AO, a conclusion was reached by the Ld. CIT(A) in the appellate order which is correct and deserved to be upheld. - Decided against revenue
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