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2018 (6) TMI 1113 - AT - Income TaxUnexplained cash credits u/s 68 - Held that:- When the assessee in course of proceeding brings certain facts to the notice of the assessing officer, it is the duty of the assessing officer to conduct necessary enquiry to ascertain the veracity of assessee’s claim. In these circumstances without countering assessee’s contention that the amount in question does not appear as a credit in the books of account, the Departmental Authorities were not justified in making the addition as unexplained cash credit under section 68 of the Act. Since, we find that the Departmental Authorities have not properly enquired into assessee’s claim on the issue of receipt of share application money, we are inclined to restore the issue to the Assessing Officer for de novo adjudication after due opportunity of being heard to the assessee. Assessee’s appeal is allowed for statistical purposes.
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