[aaykarbhavan] Additions not supported by seized and incriminating material u/s 153A of the Act not sustainable

ITAT MUMBAI - Income Tax

SKS Ispat and Power Limited Versus DCIT-CC 45, Mumbai

Addition made u/s 68 of the Act - Additions not supported by seized and incriminating material u/s 153A of the Act - Unexplained sundry creditors and unexplained share application money – Held that:- Following Shri Govind Agarwal Versus ACIT [2014 (2) TMI 810 - ITAT MUMBAI] - The basis for addition on account of 'sundry creditors' (purchases) is merely the 'financial statements' filed by the assessee - Similar is the case with regard to the addition on account of 'share application money' - there is no seized material or incriminating material to support the additions made by the AO on account of 'unexplained sundry creditors' (purchases) and on account of 'share application money' - the additions are not sustainable – Decided in favour of Assessee

 

Regards

Prarthana Jalan

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