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2012 (3) TMI 33 - ITAT, AHMEDABADUnexplained Capital Introduced - partner personal cash book or passbook were not furnished - CIT(A): non-production of the partners could not be taken as ground to treat the capital introduced as unexplained, source of capital were explained no additions made in the hands of the assessee firm - Held That:- Assessee had discharged the primary onus which was on it by offering explanation, which has not been found to be incorrect or false in any manner.Decided in favour of assessee. Unsecured loans - break up of the loans, copies of acknowledgements of returns filed, confirmation letters from some of the creditors/depositors were produced - CIT gave relief of 15,05,000 and withheld additions of 3,00,000 - Revenue and Assessee both are in appeal - Held That:- loan of Rs.1,50,000/- in respect of Shri Mathew is hereby confirmed and addition in respect of Rs.50,000/- from M/s Parth Computerized Weigh Bridge and Rs.1,00,000/- from Shri S. K. Gupta are restored back to the file of AO for verification and fresh adjucation. Assessee’s second ground is partly allowed for statistical purposes. Unexplained Credits - 21 days time given to furnish evidence - CIT(A) deleted additions of Rs.10,41,850 and confirmed Rs.50,91,930 - Held That:- Assessee submitted that complete names and addresses were given during assessment. No enquiry was made by the AO or evidence of remission of liability brought on record by the AO no adequate opportunity was granted to furnish confirmations. We remand the matter to AO for fresh adjudication after verifying the evidences produced by the assessee before the ld. CIT(A) in support of his claim by the assessee. Bank Interest Claimed - No interest charged to advances given to o Gitaben Kalathia of Rs.3,40,303 - Held That:- Assessee has tried to make out a case that assessee had substantial interest-free funds for giving interest free advances in respect of which he has filed the details. But these details require verification at the end of the AO, the matter is, therefore, restored back to the file of AO for fresh decision. This ground is allowed for statistical purposes.
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