Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (3) TMI 49 - AT - Income TaxBogus LTCG - unexplained credit under section 68 - Treating receipt of share application by the assessee in its books of account as unexplained credit - application for admission of additional evidence - HELD THAT:- Additional evidence now sought to be filed is required to be admitted as it is necessary for deciding the issue in controversy. As we have already seen the only basis on which the addition is made is clause 2 of the agreement dated 02.02.2010. If there is no actual payment as recited in clause 2 of the agreement dated 02.02.2010, then the impugned addition under section 68 of the Act cannot be sustained. Since the contention of the assessee is that there was no actual payment but there was only a mere book entry and since this is sought to be proved with the help of the additional evidence and since such evidence has not been examined by the AO, we deem it fit and proper to remand the issue for fresh consideration in the light of the additional evidence produced by the assessee before the Tribunal. Assessee appeal allowed for statistical purposes.
|