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2018 (12) TMI 1559 - AT - Income TaxUndisclosed income deposited/credited in undisclosed three bank accounts - Held that:- AO had failed to examine the source of deposit on the basis of merit. It is not a matter whether the Bank accounts belong to the assessee or his HUF rather if the source of those deposits is explained no addition can be made in the case of the assessee as individual capacity or in the case of HUF. In the case in hand, the assessee has been able to explain the source of those deposits/credit entries during the assessment proceedings and meticulously before the appellate authority which was rightly taken into consideration which deleting addition by the CIT(A) as indicated by us hereinbefore. CIT(A) was pleased to direct the AO to examine the issue afresh regarding disallowance of deduction claimed by the HUF against the full value of consideration to compute the total income of HUF which makes the order complete and more reasonable. We, therefore find no infirmity in the order passed by the Learned CIT(A). The same is thus confirmed. - Decided against revenue.
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