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2017 (12) TMI 133 - HC - Income TaxAddition u/s 68 - unexplained cash credit - initial year of commencement of business - Held that:- It was the first year of business of the AOP, and no business activity having been shown to have been conducted by it that could lead to generation of ₹ 92,32,000/- on the first day of the relevant accounting period, the Tribunal has not committed any error in deleting the addition of that amount under Section 68 of the Act at the hands of the assessee. The alternative submission made by the revenue that the genuineness of the transaction and the creditworthiness of the creditors was not established does not merit serious consideration in view of the fact that neither that issue appears to have been raised before the Tribunal at the time of argument nor even otherwise the same requires any further consideration in absence of the revenue having led any evidence to rebut or disapprove the evidence led by the assessee and relied upon by the CIT (Appeals) while recording the finding that the cash credit entries were genuine. - Decided in favour of assessee.
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