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2020 (9) TMI 966 - AT - Income TaxAddition u/s 68 - unexplained cash credits - HELD THAT:- Unexplained cash credits can very well be added even if they have not credited in the relevant previous year in issue cannot be accepted in view of decision of Shri Ivan Singh [2020 (2) TMI 850 - BOMBAY HIGH COURT] making it clear that the clinching statutory expression “that previous year in sec. 68” of the Act has to be interpreted the previous year relevant to the assessment year in issue only. We therefore see no merit in Revenue’s instant first substantive grievance. The same stand rejected therefore. Disallowance of expenditure @ 10% - CIT-A partly / restricting assessee’s expenditure addition - HELD THAT:- There is no rebuttal coming from the Revenue’s side that the assessee had very well filed all the corresponding details and evidence on records and the Assessing Officer had disallowed the entire claim amount under various head(s). We therefore see no merit in the Revenue’s second substantive grievance as well. Unexplained cash credits addition - HELD THAT:- The able assistance of both the learned representative(s)that the assessee’s cash-in-hand-cum-books of account as on 01.04.2012 was ₹ 3,98,519/- followed by similar withdrawals / deposit his cash-in-hand on 31.03.2013 was at ₹ 2 ,06,974/- only remaining unexplained from the taxpayer’s side. This is what appears to have been prompted the CIT(A) could add the balance figure of ₹ 2,06,974/- only. All these facts and figures have remained undisputed from the Revenue’s side. We thus see no reasons to revive the entire addition figure in question. This third and last substantive ground is also rejected therefore. - Revenue appeal dismissed.
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