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2009 (3) TMI 473 - HC - Income TaxCash Credit- The assessing officer disallowed the loss on the ground that there was no material. On calling remand report from the Assessing Officer, the Assessing officer on remand in his report admitted that the identity of the parties and also that there was corresponding entries in the books of account. The Commissioner (Appeals) consequently allowed the appeal. The Tribunal deleted the additions made by the Assessing Officer towards unexplained cash credits. On appeal contending that the capacity to advance loan was not establishing and the Tribunal ought to have restored the matter to the Assessing officer for reconsideration. Held that- dismissing the appeal, that the books of account were available to the Assessing Officer and the books themselves would indicate the capacity of the party to advance loan. There was no further need on the part of the assessee to prove the capacity of the creditors. Thus, the reasoning adopted by the Tribunal was sustainable.
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