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2018 (10) TMI 858 - AT - Income TaxAddition u/s 68 unexplained cash credits - share subscription amounts received - identity, genuineness and creditworthiness - Held that:- AO(s) made u/s 68 unexplained cash credits additions of share premium in case of first four entities and accepted similar credits of ₹20,45,00,000/- to be genuine satisfying all parameters of identity, genuineness and creditworthiness. It can therefore be safely assumed that all these additions sums forming subject-matter of the impugned additions to be accepted as genuine in respective investors entities’ end as the source of the amount(s) in issue totalling to ₹3,01,00,000/-. DR fails to dispute that the same very amount cannot be added twice in payees and recipients’ hands u/s 68 of the Act. No reason to accept Revenue’s instant former substantive ground. We affirm CIT(A)’s findings under challenge qua the instant former issue. Treatment of rental income derived from its warehouse as income form house property instead of business income - Held that:- Respectfully following the decision of the Hon’ble Supreme Court in the case of Chennai Properties [2015 (5) TMI 46 - SUPREME COURT], we hold that the CIT-A had rightly directed the AO to treat the warehouse rentals as income from business and consequentially allow the expenditure claimed in the return as business expenditure.
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