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2021 (3) TMI 720 - AT - Income TaxAddition u/s 68 - unexplained share premium and Share Capital received - low income reported by investors - search proceedings initiated - CIT-A deleted the addition - HELD THAT:- A.O. merely doubted the financial capacity of the Investors because they have reported low income in their return of income. This cannot be the sole basis to doubt the explanation of assessee. It may be suspicion of the A.O. only without bringing any evidence on record. Rather the documentary evidences produced on record clearly support the explanation of assessee. The issue is covered in favour of the assessee by the Judgment of Hon’ble Delhi High Court in the case of M/s. Adamine Construction Pvt., Ltd. [2018 (2) TMI 1815 - DELHI HIGH COURT] (supra). Considering the totality of the facts and circumstances of the case in the light of documentary evidences on record and the decisions referred to above, we do not find any infirmity in the Order of the Ld. CIT(A) in deleting the addition - Decided in favour of assessee.
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