The ITAT Delhi held that the CIT(A) erred in not conducting a ...

CIT(A) must conduct thorough enquiry on unexplained credit u/s 68. Share applicant's creditworthiness not proven.

Case Laws Income Tax

May 28, 2024

The ITAT Delhi held that the CIT(A) erred in not conducting a proper enquiry into the unexplained credit u/s 68. The AO and CIT(A) have a duty to investigate thoroughly. The CIT(A) should not have dismissed the AO's concerns without further enquiry. The creditworthiness of the share applicant was not proven, and the CIT(A) failed to consider vital aspects. The order of the CIT(A) was set aside for proper re-examination. Section 251 grants wide powers to the CIT(A) to enhance assessments. The CIT(A) has extraordinary powers to examine all aspects of an issue. The CIT(A) should have conducted necessary inquiries to determine taxability accurately. The appeal of the Revenue was allowed for statistical purposes.

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The ITAT Delhi held that the CIT(A) erred in not conducting a ...

CIT(A) must conduct thorough enquiry on unexplained credit u/s 68. Share applicant's creditworthiness not proven.

Case Laws Income Tax

May 28, 2024

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