Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2011 (1) TMI 740 - ITAT, AGRA
Disallowance - Whether, in the given facts and circumstances of the case, the impugned cash credit of Rs. 1.5 lakhs is genuine or not - When the Assessing Officer asked to prove the genuineness of the cash credit, the assessee submitted the confirmation of Om Prakash Haresh Chand & Co. along with their Permanent Account Number, copy of the bank statement of M/s. Om Prakash Haresh Chand in Canara Bank as well as copy of cash book - The opinion of the Assessing Officer for not accepting the explanation offered by the assessee as not satisfactory must be based on proper appreciation of the material and other surrounding circumstances available on record - Held that: Assessing Officer without looking into the facts and bringing any evidence to the contrary rejected the explanation of the assessee. Section 68 nowhere empowers the Assessing Officer to reject each and every explanation of the assessee - Decided in favor of the assessee