Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 1256 - AT - Income TaxProtective assessment u/s 153A r.w.s 143 - amounts received from Free Trade Union Multipurpose Trust (FTUMPT) - appellant was assessed to tax u/s 44AD of the Act - Held that:- once substantive addition made in the case of alleged beneficiary has been deleted by the ITAT, there is no reason to sustain addition made by the AO towards protective addition in the hands of the assessee more particularly, when assessee has demonstrated with evidence that such receipt has been part of his income-tax returns and also he has carried out necessary repair works to the trust. - Additions deleted - Decided in favor of assessee. Additions u/s 68 - unexplained cash deposits found in two bank accounts - Additions on the ground that there are huge credits in two bank accounts for which the assessee has not filed any explanation to prove sources of income. - Held that:- the assessee has filed paper book containing bank statements of two proprietory concerns and bank statements of savings bank account maintained in Bharat co-operative Bank Ltd, Kalina Branch and ICICI Bank, Vile Parle (E) Branch to explain credits found in bank accounts with corresponding withdrawals from other bank accounts, but fact remains that the assessee has not filed a chart explaining date-wise credit found in two bank accounts and corresponding withdrawals from two proprietory concerns’bank accounts. - Matter remanded back to the file of AO for examination of facts.
|