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2021 (11) TMI 84 - ITAT CHANDIGARHAddition u/s 69 - investment made from undisclosed sources - CIT-A deleted the addition - HELD THAT:- AO has also not doubted the identity of the persons or entities from whom the assessee raised loans in question. CIT(A) further noticed that all the transactions had been made through banking channels. CIT(A) rightly delete the addition made by the AO. AO has not pointed out any evidence on the basis of which he reached at the conclusion that the assessee had obtained accommodation entries from the parties concerned. In our considered opinion, since the AO had made the addition in question on assumption and presumption basis the Ld. CIT(A) has rightly deleted the addition. We are therefore, of the considered view that the order passed by the Ld. CIT(A) is based on evidence on record and as per the settled principles of law, hence, does not require any interference. Therefore, we find no merit in the appeal of the revenue.
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