Case Law Details
Rajesh Kumar Gupta Vs ACIT (ITAT Chandigarh)
ITAT Chandigarh held that addition of mere book entry unsustainable as no amount has been received and no adverse interference with regard to the same has been drawn by the department.
Facts- Assessee alleges that CIT(A) has erred in confirming action of AO by assessing income at Rs. 1,24,53,530/- against the declare total loss of Rs. 54,02,028/-.
Conclusion- After considering the facts and circumstances of the case and going through the evidences furnished, we do not find any justification on the part of the lower authorities for disallowing the business loss to the tune of Rs. 10,34,134/- to the assessee.
Further, the assessee has filed confirmed copy of accounts to show that it was merely a book entry. The assessee has also filed his bank statement, wherein, no such amount has been received and no adverse inference with regard to the same has been drawn by the Department. Thus, the addition made with regard to the same also deserves to be deleted.
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