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2017 (6) TMI 330 - AT - Income TaxDisallowance on account of peak credit - addition confirmed by the ld. CIT-A after rejecting the plea of the assessee i.e. the cash deposit entries in IDBI bank also belongs to the father of the assessee - Held that:- Though the assessee in support of his claim has demonstrated the business payments made by the father of the assessee from the IDBI bank account for which the affidavit was filed by the assessee. Therefore we find that there is force in the argument of the ld. AR which has not been adjudicated without adducing any reason thereon. It is also not disputed that the father of the assessee was joint holder in IDBI bank account and from this account the business payments were made by the father of the assessee. Therefore in the interest of justice & fair play we are of the opinion that the instant issue needs to be reconsidered in the light of the affidavit submitted by the father of the assessee. In our considered view the affidavit given by the father of the assessee cannot just be brushed aside. Therefore, we are inclined to restore the issue to the file of the AO for fresh adjudication in accordance with the law de-novo. - Decided in favour of assessee for statistical purpose
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