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2012 (11) TMI 801 - ITAT PUNEAddition on account of Unexplained cash credit u/s 68 - Assessee could not furnish the requisite confirmations from the two creditors before AO – Held that:- As the assessee had produced necessary confirmation along with pass book & ROI’s before CIT(A) and AO also submit remand report on the same. There is no material or cogent reasoning made out by the Revenue with regard to the material on the basis of which the addition has been deleted. Issue decides in favour of assessee Addition on account of promissory notes/hundi u/s 69D – AO argued that amount has been borrowed in cash on a hundi, which were found in the course of search u/s 132 – Held that:- As the CIT(A) has concluded that promissory note in question is in the same language and form, as was considered by the Tribunal in the case of Himalaya Distributors (2008 (12) TMI 272 - ITAT PUNE-B) and, therefore, he concluded that having regard to the material in question, Sec 69D could not be invoked, since the documents found were not ‘hundis’. The assessee representative has not referred to any material which would require us to depart from the aforesaid findings. Issue decides against revenue
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