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2016 (6) TMI 848 - CALCUTTA HIGH COURT

2016 (6) TMI 848 - CALCUTTA HIGH COURT - TMI - Addition under Section 68 - Addition of a sum of was made on the basis that the assessee had allegedly taken loan from the corpus fund, which the assessee has denied - Held that:- C.I.T.(A) has correctly held that there is no knowledge as to what the corpus fund is. The C.I.T. also opined that there was no material on the basis of which the aforesaid addition could be made and on that basis the C.I.T. deleted the addition. The learned Tribunal corre .....

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re filed before the Ld.CIT(A) which were also made available before the AO. Based on these submissions, the ld.CIT(A) has correctly deleted the same also confirmed by ITAT - Decided against revenue. - ITA No. 333 of 2009 - Dated:- 9-6-2016 - Girish Chandra Gupta And Asha Arora, JJ. For the Appellant : Mr. Ranjan Sinha, Advocate ORDER The Court : The appeal is directed against an order dated 31st March, 2009 passed by the learned Tribunal I.T.(SS)A. No.31 (Kol)/2007:Block Period 1996-97 to 2002-0 .....

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377; 33.90 lakhs was made on the basis that the assessee had allegedly taken loan from the corpus fund, which the assessee has denied. The assessing officer proceeded to add this sum of ₹ 33.90 under section 68. C.I.T.(A) has clearly held that there is no knowledge as to what the corpus fund is. The C.I.T. also opined that there was no material on the basis of which the aforesaid addition could be made and on that basis the C.I.T. deleted the addition. The learned Tribunal concurred with s .....

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