GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (10) TMI 83 - PUNJAB & HARYANA HIGH COURT

2015 (10) TMI 83 - PUNJAB & HARYANA HIGH COURT - TMI - Addition made under Section 41(1) - failure to produce any explanation/documentary evidence during the course of assessment proceedings and as well as before Ist appellate authority - ITAT deleted the addition - Held that:- It has been categorically recorded by the Tribunal that the assessee had submitted the copies of accounts and complete postal addresses of all the parties on record which had not been held to be false or fraudulent by the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tal addresses of all the parties is a matter of record and the AO has not collected any adverse material. The assessee having proved the identity, capacity and creditworthiness of said persons and therefore cannot be subject matter of addition. Thus addition deleted - Decided in favour of assessee. - ITA No. 170 of 2013 - Dated:- 11-8-2015 - Ajay Kumar Mittal And Ramendra Jain, JJ. For the Appellant : Mr. Dinesh Goyal, Adv For the Respondent : Mr. Pankaj Jain, Sr. Adv. with Mr. Divya Suri, Adv., .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Amritsar Bench is justified in deleting the addition made under Section 41(1) of the Income Tax Act, 1961 when the assessee failed to produce any explanation/documentary evidence during the course of assessment proceedings and as well as before Ist appellate authority? ii)Whether on the facts and circumstances of the case, the Hon'ble ITAT Amritsar Bench is right in law in deleting the addition of ₹ 26,30,038/- made by Assessing Officer on account of unexplained cash credit/unsecured .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he admitted fact that the assessee has not submitted confirmation of copies of accounts, books of accounts, for which his books of accounts have already been rejected under section 145(3) of the Act? iv)Whether in the facts and circumstances of the case, the finding of Hon'ble ITAT under para No.11 of the judgment to the effect that the amount of ₹ 26,30,038/- is outstanding for the last many years as per the acknowledgment of return and PAN of concerned persons and proved their identi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

narrated in the appeal may be noticed. The assessee firm is engaged in the business of manufacturing of textile machinery. It filed its return of income on 29.10.2007 at ₹ 44,000/- for the assessment year 2007- 08 and the same was processed under Section 143(1) of the Act. Subsequently, the case was selected for scrutiny as per CBDT's instructions and guidelines. The Assessing Officer completed the assessment under Section 143(3) of the Act on 16.12.2009, Annexure A.1 and while rejecti .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Officer holding that the assessee could not file any evidence at the appellate stage. The assessee went in appeal before the Tribunal. Vide order dated 15.2.2013, Annexure A.3, the Tribunal partly allowed the appeal holding that the assessee having proved the identity, capacity and credit worthiness of the said persons, deleted the additions of ₹ 14,74,763/- and ₹ 26,30,038/-. Hence the instant appeal by the revenue. 3. We have heard learned counsel for the parties. 4. Learned couns .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

g Officer and therefore, the assessment had to be made on that basis. The relevant findings recorded by the Tribunal in its order dated 15.2.2013, Annexure A.3 read thus:- "10. We have heard the rival contentions and perused the facts of the case. There is no dispute to the fact that the assessee has not submitted confirmation of copies of accounts, books of account and therefore, the arguments made by the learned DR and the findings of both the authorities below to that extent are not disp .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f accounts of all sundry creditors are placed on record and were available before both the authorities below. The said balances are outstanding in the following years as well is a matter of record and there is no dispute to the said fact. The assessee has not obtained any benefit out of such liability which is not ceased to be liability and the assessee has not written back such liability unilaterally in its books of account. Therefore, such liability cannot be a subject matter of section 41(1) .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

record was available with the AO which was argued by the learned counsel and was not rebutted by the learned DR in this respect. Even if confirmation copies of accounts and books of account are not produced, the copies of audited accounts for the impugned year and the assessment record of preceding year was available with the AO. The AO cannot make the assessment on conjectures, surmises or on the basis of suspicion. The AO has not given any findings that the said copies of account as false or .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version