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2021 (2) TMI 229 - AT - Income TaxAddition u/s 68 - assessee has received share premium and share capital during the year from 18 parties - HELD THAT:- As far as the additions in the case of Sh. Sanjeevji, Sh. Ajay Singh, Sh. Hanumat Prasad Nautiyal, Sunil Shastri, Sh. Virender Arya, Sh. Sulekh Arya, Sh. Suresh Arya, Sh. Narendra Arya and Mahendra Arya are concerned, CIT(A) has inter alia noted that in all the aforesaid case, the amounts was received in cash and the other documents like the contention of income being from agricultural activities was not supportive of their contentions. As noted that the documents furnished did not prove the creditworthiness and genuineness of transactions which has not been found to be incorrect/ false, we find no reason to interfere with the order of CIT(A) to that extent. Addition of the amoun from Sh. Suman Arya we find that CIT(A) has given a finding that the amount was paid by cheque/ bank transfer, she was employed as a teacher and had total income of ₹ 3,26,334/-. In such a situation we find there was no justification for holding only ₹ 1 lakh to be explained and balance ₹ 2 lakh to be unexplained. We therefore, hold that the addition of ₹ 2 lakh was not warranted in this case. We therefore direct its deletion. As far as addition of amount received from Sh. Jasbir Singh is concerned, we find that CIT(A) has given a finding that his confirmation, bank statement evidencing bank transfer is on record but since he had not given source of the money, the conditions stipulated u/s 68 have not been complied. We do not agree with the reasoning of CIT(A). When the fact of confirmation, bank transfer and bank statement of the lender of the money has not been found to be incorrect, it cannot be concluded the genuineness of transaction to have not been established. In such a situation we are of the view that no addition was called for in his case
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