Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 911 - DELHI HIGH COURTAddition u/s 68 - Held that:- Assessee produced documents which were examined in detail. It is only after discussing the entire material in the light of the remand report of the Assessing Officer the CIT(A) has come to a definite conclusion that the Assessee has been able to sufficiently explain, to the satisfaction of the CIT(A), of the identity, genuineness and creditworthiness of the creditors. This is in respect of both the additions sought to be made by the AO under Section 68 of the Act, on account of alleged unexplained share application money as well as unsecured loans. The CIT(A) has also deleted the addition on the question of unexplained investment and returned a categorical finding that these investments have been sufficiently explained by the Assessee. The reasons for deletion of the addition in relation to the purchase of the plot have also been discussed in sufficient detail by the CIT (A). The above factual findings have been concurred with by the ITAT in a very detailed order again discussing the material available on record. The Court has not been persuaded by the learned counsel for the Revenue to view the above concurrent findings to be suffering from any perversity requiring any substantial question of law to be framed, as urged by the Revenue.
|