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2016 (7) TMI 448 - AT - Income TaxAssessment u/s 153A - unexplained credit u/s 68 addition - Held that:- It is undisputed in the present case that the original assessment proceedings had already been completed u/s 143(3) prior to the date of the search. It is equally undisputed that the impugned additions were made by the Assessing Officer without there being any finding that the additions related to any seized material. The Ld. CIT(A) has given a categorical finding in para 10.1 of his order that in respect of the entities who had subscribed to the shares, the Assessing Officer had asked for various details which were filed by the assessee to prove the identity and creditworthiness of the share subscribers, at the time of the original 143(3) proceedings. The Ld. CIT (A) has also mentioned that the Assessing Officer in 143(3) proceedings, after considering all the evidences/document, accepted the creditworthiness, identity and genuineness of the transactions and that no additions were made on account of unexplained credit u/s 68 of the Act. In the subsequent assessment order u/s 153A/143(3), the additions have been made without any reference to any incriminating material and therefore following the ratio laid down by the Hon'ble Delhi High Court in CIT Central-III vs Kabul Chawla (2015 (9) TMI 80 - DELHI HIGH COURT ) - Decided in favour of assessee.
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