[aaykarbhavan] Disallowance of bogus transactions admitted during survey couldn’t survive as it wasn’t supported by any evidence

 

Disallowance of bogus transactions admitted during survey couldn't survive as it wasn't supported by any evidence

August 6, 2014[2014] 47 taxmann.com 20 (Delhi)/[2014] 361 ITR 206 (Delhi)

IT: Where Assessing Officer made addition to assessee's income on basis of statement recorded by director of company in course of survey to effect that said amount represented non-existent transaction, since statement so made did not have any evidentiary value and, moreover, Assessing Officer had not even rejected assessee's books of account while treating transaction in question to be bogus, impugned addition deserved to be deleted

Regards

Prarthana Jalan

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

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