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2023 (5) TMI 945 - ITAT KOLKATAAddition u/s 68 - assessee has sold 2700 equity shares purchased in the earlier years - whether the addition could be made in the hands of present assessee qua the money deposited in the account of the buyer by the third party? - HELD THAT:- After analyzing the records we find that addition if at all is to be made that could have been made in the hands of Santosh Agency who received Rs. 11,00,000/- from M/s Patra Bastralaya . AO is doubting the source of source and if the source is doubtful that has to be added in the hands of Santosh Agency and not the assessee. Here we note that the assessee has filed name and address, sale bill and all the evidences such as bank statement before the authorities below who have instead of making the addition on the right hands simply added it in the hands of the present assessee was added to the income of the assessee u/s 68 which his incorrect and cannot be sustained. Accordingly we set aside the order of Ld. CIT(A) and direct the AO to delete the addition - Appeal of the assessee is allowed.
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