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2022 (4) TMI 112 - AT - Income TaxAddition u/s 68 - unexplained credits - CIT-A deleted the addition - HELD THAT:- It is admitted position, as noted by the Assessing Officer, that the loan/liability pertaining to BMPL and SSL were brought forward from earlier years and had remained static for many years. The concern of the Assessing Officer was that the since the agewise analysis was not provided, the year in which these credits were made in the books was not clear. Therefore, it was never the case of the Revenue that the credits pertain to the previous year relevant to the Assessment Year 2005-06. The provisions of Section 68 of the Act are attracted in case of unexplained credits during the relevant previous year. Since the outstanding loan/liability pertaining to BMPL and pertaining to SSL represent credits of earlier years, provisions of Section 68 would not be attracted in the facts and circumstances of the present case. Therefore, in our view, the CIT(A) has arrive at the correct conclusion that additions made under Section 68 cannot be sustained.- Decided against revenue.
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