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2020 (1) TMI 161 - ITAT KOLKATAAddition of unexplained cash credits u/s 68 - purchase of fixed assets followed payment by way of share capital subscription - HELD THAT:- Revenue is fair enough in not disputing the clinching factual aspects of addition of the corresponding fixed assets. Nor there is any evidence that the assessee’s assets do not exist as per physical verification. We are of the view in this factual backdrop that both the lower authorities have erred in law and on facts in treating the above purchase of fixed assets followed payment by way of share capital subscription as an instance of unexplained cash credits u/s. 68 of the Act. This tribunal’s co-ordinate bench’s decision in Income Tax Officer Ward-5(3) vs. M/s Bhagwat Marcom Pvt. Ltd. [2019 (8) TMI 649 - ITAT KOLKATA] has taken into consideration the entire case law to conclude that such an instance not involving any cash credits pursuing cannot be treated as unexplained u/s 68.B oth the learned authorities have erred in law and on facts in treating the sum in issue as unexplained cash credits. The same is directed to be deleted. Disallowing of depreciation claim on account of fixed assets - Disallowance includes disallowance of depreciation on account of addition to shad and building and addition to plant and machinery - HELD THAT:- The assessee fails to pin-point any irregularity in the above depreciation chart indicating the correct figure of ₹3,88,15,062/- as against that claim of ₹4,49,88,165/-. We accordingly uphold the impugned depreciation disallowance therefore. The assessee’s second substantive ground is rejected
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