Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (6) TMI 146 - AT - Income TaxAddition u/s 68 - Assessee argued no share premium has been received by it during this year, rather it was an opening balance of earlier years. - CIT-A deleted the addition - Revenue has pleaded that the ld. CIT(Appeals) has entertained fresh evidence and did not provide an opportunity to the Revenue for rebutting this fresh evidence and, therefore, the ld. 1st Appellate Authority has violated the conditions enumerated in Rule 46A of the Income Tax Rules, 1962 - HELD THAT:- There is no doubt that if on the request of appellant, the ld. 1st Appellate Authority admits certain fresh evidence as an additional evidence, then, an opportunity is to be granted to the ld. Assessing Officer for rebutting that evidence. This has been provided under Rule 46A sub-clause (3) of the Rules. With the assistance of the ld. D.R., we have gone through the record carefully, but she was unable to pin-point, which is the additional evidence, filed before the ld. CIT(Appeals). The ld. 1st appellate authority has re-appreciated the position of accounts available in the balance-sheet right from the earlier years. The ld. 1st appellate authority has categorically recorded a finding that these amounts were not received by the assessee during the accounting year relevant to the assessment year. Therefore, no addition can be made in this assessment year. The ld. 1st appellate authority for buttressing his finding made reference to the CBDT Circular bearing No. 246/151/2017-A&PAC-1 dated 10.01.2018. After perusal of the finding of the ld. CIT(Appeals), we do not find any error in it and there is no substance in the grounds of appeal raised by the Revenue. Accordingly, this appeal is dismissed.
|