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2018 (12) TMI 1512 - AT - Income TaxAddition for unexplained cash credit - identity, genuineness and creditworthiness as the sale deeds - Held that:- Sale consideration received by the assessee has been duly offered to tax in the year when sale deeds were registered and due taxes have been paid thereof. It is also evident from the record that the excess amount left with the assessee, if any was also refunded to the respective parties and the same is verifiable from going through para 13 of the registered sale deeds where the purchaser accepts to have received any excess amount received as advance and it has been duly admitted that the advanced amount have been received. So in nutshell there seems to be no loss to the revenue as regards to sale consideration received. Identity is already not disputed. Sale consideration received in cash as well as the cheque has also been accepted by the alleged cash creditors. We find merit in the contention of Ld. Counsel for the assessee that the alleged cash credits of ₹ 43,12,250/- are duly explained with regard to the identity, genuineness and creditworthiness as the sale deeds have been registered in the name of the four persons accepting the transactions. Therefore no addition was called for u/s 68 - Decided in favour of assessee. Disallowance for cash expenditure - Held that:- We find that before the first appellate authority necessary details were placed and remand report was called for but Ld. A.O objected to acceptance of additional evidence. We find that statements of some of vendors Shri Gyanswaroop Vishwakarma who did the electrification work, Shri Firoz Khan who did the labour work and Shri Narendra Kumar Thakur who had did the labour work gave their statements on oath stating that they received the amounts from the assessee for various works provided by them. All necessary vouchers have also been placed on record of which major are cash expenses. Books of accounts have been maintained. 10% disallowance of the impugned expenditure will be justified.
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