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2018 (2) TMI 1645 - AT - Income TaxUnconfirmed credit balances of parties - Addition to the returned income in respect of parties whose credit balances could not be confirmed - Held that:- When all the purchases from named two parties have been made through bills and GR notes of the goods dispatched to Parwanoo have been duly verified by the Excise Department at the Himachal Pradesh border and trading results have not been disputed by the assessee and the entire payments have been made through banking channel, it is difficult to accept the order passed by the ld. CIT (A) so as to confirm the addition. So, the answer to the aforesaid question framed is answered in the affirmative. We are of the considered view that ld. CIT (A) has erred in sustaining the addition of ₹ 18,78,417/- claimed as deduction/s 80-IC of the Act by the assessee company, hence the same is ordered to be deleted. - Decided in favour of assessee.
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