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2016 (1) TMI 565 - ITAT MUMBAIUnexplained cash credit - assessee has failed to prove that how he received such share application money and has booked the same only by way book entry - CIT(A) deleted the addition - Held that:- CIT(A) agreed with the plea of assessee that since said sums were credited in the books of account of assessee in A.Ys. 2006-07. In 2008-09, these cannot be treated as unexplained cash credits u/s. 68 in A.Y. under consideration. Assessee is at liberty to take legal argument at any stage in support of his case even if he has admitted the same before Assessing Officer as discussed above. In view of above, the addition of said amounts aggregating to ₹ 1,30,20,026/- could not be held as unexplained under the provisions of Section 68 of the Act and same were rightly deleted by CIT(A) with a direction to Assessing Officer to initiate necessary steps to bring the relevant amounts to tax u/s. 68 in respective assessment years - Decided against revenue
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