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2022 (11) TMI 911 - ITAT KOLKATAAddition u/s 68 - assessee has failed to prove identity, creditworthiness of the investors and genuineness of the transactions - CIT-A deleted the addition - HELD THAT:- Assessee as an approved vendor of NHPC, UNITECH, TATA Wipro, Power Grid, DLF etc. We note that assessee has filed all the details before the AO containing the detailed particulars of investors, their addresses, PAN NOs. and amounts invested by these respective companies besides filing of details of cross-share holdings and common directors. We also note that the CIT(A) called for remand report from the AO on some issues on which the AO has having some wrong notions which were apparently wrong and contrary to the facts on records. We further observe from the remand report furnished by the AO during appellate proceedings before CIT(A) after looking into all these evidences/documents sated that all these evidences were before the AO in the original assessment proceedings and did not require any further investigation into the matter. CIT(A) only after having received this remand report and after considering all the evidences on record and also capacity of the investors who were having sufficient own sources, deleted the addition. Under these facts and circumstances we do not find any infirmity in the order of Ld. CIT(A) and accordingly grounds raised by the revenue are dismissed.
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