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2018 (12) TMI 1377 - AT - Income TaxUnexplained cash found deposited in the bank - admissibility of additional evidence - Held that:- Assessee has substantiated its explanation by way of filing bank statement reflecting the purchase of the said assets which was filed to the lower authorities but which has, we find, not been controverted by the Revenue at any stage. The assessee, therefore, proved the existence of the machinery which was sold in the impugned year and has therefore, substantiated its explanation to this extent. Further copy of sale invoice which was filed to the Revenue authorities also substantiates the explanation of the assessee. The Ld.CIT(Appeals) and the Assessing Officer, we hold, had erred in treating the same as additional evidence and rejecting admission of the same for adjudicating the issue. Reliance placed by the Revenue merely on the submission made by the assessee we hold is not of much relevance since the assessee has duly explained that the question raised to which was understood to be on account of purchase and sale of flat machinery with regard to which the assessee had stated that it had not sold any such machines while the sale made by the assessee related to embroidery machines. Thus addition cannot be made by holding the cash deposits as unexplained - Decided in favour of assessee
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