[aaykarbhavan] No additions of unexplained credit on basis of inspector’s report if he didn’t enquire into existence of investors

No additions of unexplained credit on basis of inspector's report if he didn't enquire into existence of investors

May 14, 2015[2015] 57 taxmann.com 62 (Delhi - Trib.)/[2014] 36 ITR(T) 161 (Delhi - Trib.)(MAG.)

IT : Where inspector did not make enquiry about existence of investor companies, inspector's report could not be sole basis for making addition under section 68 when all other documents were in order

IT : Since rule 8D was not applicable to years prior to 2008-09, Assessing Officer was not justified in invoking provisions of rule 8D for assessment year 2005-06

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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