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2023 (7) TMI 1263 - ITAT AHMEDABADUnexplained cash credit u/s 68 - payment made by its debtors through the third party - HELD THAT:- It is the settled business practice that one has to recover the money from the party against sales. If the version of the department is accepted, then it is implied that no payment has been received by the assessee from M/s Shaikh Traders which is against the prevailing business norms. As such, the revenue before doubting the adjustment entry made by the assessee, should have brought something on record so as to justify that the sale was bogus, or the payment was received by the assessee in an unaccounted form or in the undisclosed bank account of the assessee or by any other mode. But no such detail has been brought on record by the revenue. It is also pertinent to note that the AO in his remand report has clearly stated that receipt of money does not pertain to the year under consideration as it was received on 24th February 2012 financial year 2011-12 but the addition has wrongly been made in the year under consideration. Be that as it may be, it will not have any bearing on the given facts of the case. It is for the reason that the addition made by the AO which was subsequently confirmed by the CIT-A is not sustainable for the reasons elaborated above. Accordingly, we set aside the finding of the learned CIT-A and direct the AO to delete the addition made by him. Hence the ground of appeal of the assessee is hereby allowed.
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