Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (11) TMI 941 - ITAT MUMBAI

2016 (11) TMI 941 - ITAT MUMBAI - [2016] 50 ITR (Trib) 63 - Unexplained cash credit addition u/s 68 - Held that:- The only point of difference is that in the balance-sheet it has been portrayed as a loan received in the earlier years whereas in the books of account of her husband the said sum was not appearing in the balance-sheet as it was treated as a gift in the earlier years itself. We find that after the Assessing Officer rejected her explanation, the appellant furnished a gift confirmation .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

voking section 68 of the Act is unsustainable. We hold so. We, therefore, set aside the order of the Commissioner of Income-tax (Appeals) and the Assessing Officer is directed to delete the addition - Decided in favour of assessee - I. T. A. No. 7127/Mum/2011 - Dated:- 16-3-2016 - G. S. Pannu (Accountant Member) And Joginder Singh (Judicial Member) For the Appellant : Sanjeiv M. Shah For the Respondent : Pramod Nikale ORDER G. S. Pannu (Accountant Member) 1. The captioned appeal by the assessee .....

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 the Act. 3. In brief, the facts are that the appellant is an individual who filed her return of income for the assessment year 2007-08, declaring an income of ₹ 8,55,050, which was subject to a scrutiny assessment. In the course of assessment proceedings, the Assessing Officer noted that in the balance- sheet as on March 31, 2007, the assessee had reported an outstanding loan of ₹ 7,62,367 in the name of M/s. Savvy Designs, a proprietary concern of her husband, Shri Sunil Hingorani .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of account of the husband, the said amount was shown as gift in the earlier years and, therefore, the books of account of the husband did not show any corresponding entry in the year under consideration. It was further asserted that it is a case of transaction between a husband and a wife, where by mistake the trans action amount has been shown as loan in the hands of the assessee instead of gift and in any case it does not affect the computation of income. The Assessing Officer did not accept .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

furnished before the lower authorities. Apart therefrom, the learned representative for the assessee pointed out that the discrepancy, if any, was in the books of account of the husband and that cannot defeat the explanation rendered by the assessee. It was also pointed out that the explanation, which was duly supported by the confirmation from the husband has been unjustly rejected inasmuch as other confirmations from the husband for other transactions have been accepted. 5. On the other hand, .....

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