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2018 (10) TMI 279 - AT - Income TaxAssessment framed u/s 153A - Unexplained credit under section 68 - proof of incriminating material - Held that:- The fact that no incriminating material was found has been admitted at Bar by the DR before us. The only document pointed out by the Revenue, we find, is a Balance Sheet that too pertaining to the succeeding year and which throws no light absolutely on the facts leading to additions made in the impugned year on account of share application money of ₹ 50 lakhs received from M/s RSM Metals and M/s. Octomac Software Pvt. Ltd. The said document, we find, reflects only some unsecured loans taken by the assessee from the two companies that too in the succeeding year only and not in the impugned year. Therefore it is an admitted fact that no incriminating material was found during search conducted on the assessee. The fact that the assessment for the impugned year has not abated is also an undisputed fact. In view of the same we hold that the Ld. CIT(Appeals) has rightly deleted the additions made following the proposition in case of Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT] that no addition to be made in assessment framed u/s 153A of the Act in absence of any incriminating material, where assessments were not abated. - Decided against revenue.
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