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2019 (1) TMI 217 - AT - Income TaxAddition u/s 41 - credit balances treated as the assessee’s income from undisclosed sources and added back the same to the income of the assessee for continuous & willing failure of assessee to get the same verified - Held that:- From the perusal of the records it can be seen that the Assessing Officer has not established with evidence that the liability in respect of the above outstanding balances has ceased to exist. The case laws referred by the Ld. DR are factual distinguished by the Ld. AR and will not be applicable in the present case. Case THE PR. COMMISSIONER OF INCOME TAX-6 VERSUS NEW WORLD SYNTHETICS LIMITED [2018 (9) TMI 230 - DELHI HIGH COURT] to be followed. The appeal of the assessee is allowed.
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