Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (2) TMI 652 - ITAT HYDERABADAddition of the credits received - AO treating the assessee's loans as his income in the course of the regular assessment framed - As per DR during the course of hearing that the AO had rightly added the impugned sum since the assessee had neither put in appearance in Section 142(2A) special audit proceedings nor he had sufficiently discharged onus of having received the sum in issue from one Shri B. Suryanarayana Raju - HELD THAT:- The case file indicates that the assessee just to file his additional evidence under rule 46A of the Income Tax Rules in the lower appellate proceedings. The CIT(A) sought for remand report(s) - no justification in Revenue's endeavour that the impugned addition of the credits received in F.Y. 2006-07 i.e., A.Y. 2007-08 are liable to be added in this A.Y. 2008-09. The necessary corollary that flows therefore is that the assessee's credits in A.Y. 2007-08 only formed source of the land transactions/investments executed in F.Y. 2007-08 i.e., A.Y. 2008-09 in issue before us. We thus find no reason to accept the Revenue's sole grievance raised in the instant case.
|