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2016 (8) TMI 109 - DELHI HIGH COURT

2016 (8) TMI 109 - DELHI HIGH COURT - TMI - Addition unexplained credit under Section 68 - copy of the report not furnished to the Assessee - CIT-A deleted the addition confirmd by ITAT - Held that:- As noted the settled legal position that "it is mandatory for the AO to confront the assessee with any material collected by the AO at the back of the assessee, and in case of statement of third party recorded at the back of the assessee, opportunity of cross examination has to be offered to the ass .....

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tensively and concurred with the CIT (A), this Court does not find any substantial question of law arising for determination. - Decided against revenue - ITA 458/2016 - Dated:- 27-7-2016 - S. Muralidhar And Najmi Waziri, JJ. For the Appellant : Mr. P. Roy Chaudhuri, Senior standing counsel ORDER CM APPL No. 26589/2016 ( for exemption ) 1. Allowed subject to all just exceptions. ITA No. 458/2016 2. This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 ( Act ) is directed again .....

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credit under Section 68 of the Act? 4. It is seen that initially the AO, in his remand report, admitted that identity, creditworthiness and genuineness of 19 of 23 shareholders were proved by documents submitted by the Assessee, i.e., details of PAN card, share application form, balance sheet and profit and loss accounts. The focus of the inquiry got narrowed down to 4 shareholders in respect of whom the AO relied extensively on the report of the Investigation Wing. However, a copy of the said r .....

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