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2018 (5) TMI 750 - AT - Income TaxPenalty u/s 271(1)(c) - addition on account of unexplained cash credit u/s. 68 - factory of the assessee near Vadodra was lying closed and was taken over by GIIC u/s 29 of the SFC Act, 1951 since 2004 - Held that:- The assessee on being asked by the Bench after taking instructions from the assessee’s Managing Director who was also present in the Court Room stated that since the documents were seized by GIIC along with taking over of factory premises in the year 2004, hence the same could not be produced before the AO during assessment as well penalty proceedings, such as bank statements of the Directors, Income-tax Return of the Directors and now the assessee is in a position to produce all these relevant documents to prove identity and creditworthiness of Directors in advancing these money for meeting expenses of the assessee company and genuineness of these loan transactions. Thus we set aside to the file of the AO for fresh adjudication on merits wherein all the necessary evidences and documents for satisfying the ingredients of Section 68 will be submitted by the assessee . - Decided in favour of assessee for statistical purposes.
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