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2018 (6) TMI 1120 - AT - Income TaxUnexplained cash credit - Held that:- Affidavit has been duly furnished by the assessee stating that the sum of ₹ 10 lakhs was received from the purchasers of agriculture land. Thus, in such circumstances and the interest of the justice, we feel that the AO should have verified the purchase consideration from the purchasers for determining the actual sale price of such land and after providing the opportunity of crossexamination to the assessee. Therefore, we incline to restore this issue to the file of the AO to verify the purchase consideration from the purchasers for the agricultural land - ground of appeal filed by the assessee is allowed for statistical purposes. Addition on account of interest income accrued on investment in NSC - income offered to tax - Held that:- We hold that if the assessee has already offered the income on investment on receipt basis then charging the interest income on an accrual basis will lead to double addition which is contrary to the provision of law. Therefore, we are inclined to restore this issue to the file of the AO for fresh adjudication as per the provisions of law and to verify whether the assessee has offered the income on such investments on receipt basis. Thus the ground of appeal filed by the assessee is allowed for statistical purposes.
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