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2024 (4) TMI 747 - HC - Income TaxUnexplained credit u/s 68 - unexplained bogus share applications - HELD HAT:- As observed once the respondent-Company furnished all the relevant and requisite documents, and in the assessment order, there is nothing which could show that the respondent-Company introduced its own income from undisclosed sources in the form of shares; the assessment order was passed only on the basis of suspicion and doubt, which is not permissible under the law, as has rightly been held by the learned CIT in its order, which in turn has rightly been upheld by the Appellate Tribunal vide the impugned order. CIT as well as Appellate Tribunal have rightly ordered deletion of the above-said amounts, because the respondent-Company had furnished all the required the details, and further held that it cannot be said to be an unexplained credit under Section 68 of the Act of 1961. Therefore, the impugned order passed by the Appellate Tribunal is justified in law. Disallowance of various expenses - The said disallowing is on a higher side and the same was considered by the learned CIT, and that the disallowance was restricted to Rs. 75,000/- and the respondent-Company got the relief of Rs. 75,000/-, which is completely justified in law. Disallowance of employees contribution to ESI - CIT directed the AO to verify the contention of the respondent-Company that the employees’ contribution towards PF and ESI was deposited on or before the due date of filing the return u/s 139 (1) the same was upheld by the learned Appellate Tribunal. Therefore, now the same does not require any reconsideration by this Court. This Court further observes that there are concurrent findings arrived at by the learned CIT as well as learned Appellate Tribunal, which are well reasoned and have been arrived at after taking into due consideration the overall facts and circumstances of the case and upon duly analyzing the material available on record before them. This Court does not find it a fit case so as to grant any relief to the appellant in the present appeal. This Court does not find it a fit case so as to grant any relief to the appellant in the present appeal.
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