Case Law Details
Case Name : M/s. Blessing Construction Vs ITO (ITAT Ahmedabad)
Related Assessment Year : 2005-06
Courts :
All ITAT ITAT Ahmedabad
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Brief of the case:
In the case of M/s Blessing Construction vs. ITO The Ahmedabad Tribunal has held Merely because the Assessing Officer or the ITAT did not consider the evidences to be sufficient for the purpose of explaining the cash credit u/s 68, it will not automatically lead to levy of penalty u/s 271(1)(c). The addition can be sustained on preponderance of probabilities but where the assessee has given sufficient evidences with regard to credit in his books of accounts and such evidences or explanations have not been found to be false, merely because the same is not accepted in assess...
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