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2022 (5) TMI 1129 - ITAT CHENNAIAddition of share application money as unexplained credit u/s.68 - Unexplained sources of receipt of share application money from 15 parties - HELD THAT:- As noted from the evidences that the assessee has filed complete ledger copies of share applicants and also filed other details including confirmations. According to us, these additional evidences filed by assessee will go to the root of the matter and it will help in adjudicating the issue and hence, keeping in mind the principles of natural justice, we admit these evidences and remand the matter back to the file of the AO for fresh adjudication. Accordingly, this issue of assessee’s appeal is allowed for statistical purposes Addition by invoking the provisions of section 41(1) as against addition made u/s 68 by AO on sundry creditors - HELD THAT:- As assessee requested that the matter can go back to the file of the AO to decide the issue whether the additions are to be made u/s.68 or u/s.41(1) after considering the facts of the case, whether the sundry creditors are arising out of sales or not - we are of the view that in the above given facts and arguments, let the matter go back to the file of the AO for fresh adjudication as argued by both the sides. Hence, we set aside this issue in both the appeals i.e., Revenue as well as assessee, to the file of AO to re-adjudicate. Hence, both the appeals are allowed for statistical purposes.
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