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2018 (8) TMI 1265 - HC - Income TaxAdditions u/s 68 - huge cash has been deposited in this bank account of M/s. Amizara Securities and Finance Pvt. Ltd. from where the drafts had been issued to the assessee. Hence the conclusion of the AO was that this is nothing, but a bogus entity formed by the assessee itself. The assessee has used this name as a Private Limited company or as a proprietary concern for converting unaccounted money by depositing cash in the bank accounts of this concern and receiving funds from them. Hence, he added the amount to the income of the assessee. Held that:- No evidence being on record to suggest that the transactions of the assessee with this Private Limited Company were not genuine, the additions were deleted. After this, the Tribunal found that there was no occasion for the Revenue to raise this issue. After noting the contentions of the Revenue in this appeal, it was found that the addition has been rightly deleted and when the Commissioner returned a clear finding of fact. The finding of fact is that the transactions were genuine and the essential ingredients and element by which section 68 was invoked is hopelessly lacking. - Decided against the revenue.
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