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ITAT upheld deletion of addition and held purchases were genuine
ITAT upheld deletion of addition and held purchases were genuine
Assessee’s assessment was reopened to seek explaination of purchase of bonds for Rs 5 lacs. Assessee submitted it was from sale proceeds of jewellery, and submitted bill of jeweller. AO issued notice u/s 133(6) to jeweller, but it came back unserved. AO concluded that claim was not genuine. AO made addition. CIT(A) allowed relief to assessee. ITAT held that CIT(A) had adjudicated by accepting fresh evidence. It upheld CIT(A)’s order.-500621
1. Assessee returned an income of Rs.11,800 which was processed u/s 143(1).
2. Subsequently the assessment was reopened after issuance of notice u/s 147/148 wherein assessee was required to explain purchase of bonds/debentures of Rural Electrification Corporation Ltd for Rs.5 lacs.
3. Assessee sumbitted that it was from the sale proceeds of jewellery held by her, which was supported by copy of purchase bill of the jeweller.
4. The jeweller was issued notice u/s 133(6) and was requried to corroborate the purchase bill.
5. The notice came back unserved.
6. AO concluded that assessee's claim was not genuine.
7. Assessee was also required to explain credit entries in her bank account.
8. The explanation was not accepted by AO, and he made an addition.
9. CIT(A) allowed relief to the assessee
On Revenue’s appeal, the ITAT held as under:
10. Assessee's arguments on facts for deletion of the additions made have been recorded and the admission of fresh evidences on facts have been recorded by the CIT(A).
11. On a consideration of the same, I find that no infirmity either in accepting the fresh evidences on record has been addressed by the Revenue nor has the Revenue attempted to rebut the evidences taken on record.
12. Considering the facts and arguments on record which have been addressed in the earlier part of this order in the absence of any infirmity in the order and in the absence of any rebuttal on facts being satisfied with the reasoning and finding the grounds raised are dismissed.
Case Reference - ITO vs Uma Madan Lal.
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: 'SMC' NEW DELHI
BEFORE SMT DIVA SINGH, JUDICIAL MEMBER
I.T.A .No.-5995/Del/2014
(ASSESSMENT YEAR-2005-06)
