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2018 (8) TMI 1365 - AT - Income TaxAdditions u/s 68 - capital introduced by the assessee in the the proprietorship firm - the amount was received from M/s. Smarsh Fasteners, a proprietorship firm where the assessee is a partner and that this was not shown in the balance sheet of the assessee. - Held that:- CIT(A) observed that, the AO has examined the books of account produced by the assessee including the cash book, bank book and ledger accounts etc. as is clearly mentioned in para 3 of the assessment order. The cash repayments having been duly recorded in the cash book, there is no need for the assessee to explain the sources of such repayments .separately. It appears that the AO has not understood the implications of the entries in the books of account and made the impugned addition in a careless manner. - CIT(A) deleted the additions - no good reason to interfere with the order of the CIT(A) - Decided against the revenue. Additions of an amount which was outstanding from husband of the assessee - Assessing officer treated the same as undisclosed income - Held that:- it is obvious from the accounts of the assessee as well as of her husband that no amount was outstanding against the husband of the assessee as on 31.3.2013. Hence, in the balance sheet of the assessee, there was no entry showing any outstanding amount due from the assessee’s husband. - Additions made by the AO was not proper - Decided against the revenue.
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