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2018 (4) TMI 876 - AT - Income TaxUnexplained investment u/s. 69/69C - identity and genuineness could not be proved - as per CIT-A sources of the investment made by the assessee towards purchase of four residential flats are fully substantiated - Held that:- CIT-A accepted confirmations filed by the assessee without any verification while it was incumbent on him to have satisfied after making necessary verifications / enquiry itself that the assessee has not adopted circuitous route to channelize its own black money as the payments made to the assessee by lenders is preceded by the entries in bank account of the similar amounts and further enquiries ought to had been made by learned CIT(A). We are of the considered view that this matter need to be restored to the file of the AO for denovo adjudication of the issues on merits in accordance with law after making proper and necessary enquiries/verifications and the assessee be directed to produce necessary documents/evidences in support of its contentions to prove the identity, creditworthiness and genuineness of these transaction - Appeal of the Revenue is allowed for statistical purposes.
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