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2016 (10) TMI 201 - ITAT JAIPURAddition u/s 69A and 69C - deposit of penalty amount on behalf of the jewellers - Held that:- The assessee’s explanation regarding his commission income from carrier business has been accepted by the Revenue for the year under consideration. Further, nothing has been brought on record to suggest that the assessee is the owner of the gold and silver jewellery other than the documents received from the Commercial Sales tax department which we have already examined or the assessee has any other sources of income other than the income from carrier business. In light of above we delete the addition made u/s 69A of the IT Act. Further, the assessee’s explanation regarding deposit of penalty amount on behalf of the jewellers is also found reasonable and we see no justification in the addition made by the AO u/s 69C of the Act which is hereby deleted. - Decided in favour of assessee
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