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2017 (10) TMI 776 - AT - Income TaxAddition on account of cash deposited in the bank - assessee has not explained the source of the information, banks do not open & accept huge deposits without proper check on the identity of the person - CIT-A allowed the claim - Held that:- The saving account neither belong to assessee nor opened by the assessee. The CIT(A) has categorically recorded a finding to the effect that the cash so deposited belonging to M/s. Gem Corporation and during the assessment of Gem Corporation, it was added in the income of Gem Corporation. As the amount so deposited had already been brought to tax in the hands of Gem Corporation, making addition of the same amount in assessee’s hands amounts to double addition. The detailed finding so recorded by CIT(A) at para 4 has not been controverted by learned DR by bringing any positive material on record. Accordingly, I do not find any reason to interfere in the order of CIT(A). - Decided against revenue
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