S.69: Unexplained investments-Share application money - Assessee producing relevant evidence and
establishing that all share applicants not fictitious personsdeletionof addition held to be justified.
The assessee is engaged in the business of running a cold storage. For the assessment year 1988-89, the Assessing
Officer madeadditions on account of unexplained share capital, unexplained share application money, unexplained
sundry creditors, difference in the cost of construction being unexplained investment, fixed deposit receipts purchased by the assessee and loading and unloading expenses. The Commissioner (Appeals) deleted the addition of Rs.15,07,920 made against the unexplained share capital, Rs. 3,13,500 out of the addition made against the unexplained share application money of Rs.4,68,100, and Rs. 46,500 out of the addition made against the difference in the cost of construction of Rs. 2,47,994, and confirmed the other additions made by the Assessing Officer. The Commissioner (Appeals) rectified his order allowing further relief of Rs. 54,800 and Rs. 20,848 out of the total addition of Rs. 3,05,493 made on account of unexplained sundry creditors for goods and expenses. The appeals filed by the Department and the assessee were partly allowed by the Tribunal. On further appeal by the Departmentthe High Court also confirmed the order of Tribunal and held that additions was rightly deleted. (A.Y. 1988-89)
No comments:
Post a Comment