Case Law Details
PCIT Vs Vishal Plastomers (P) Ltd. (Gujarat High Court)
The issue under consideration is whether the Tribunal is correct in upholding the decision of CIT(A) for deleting the addition made under section 68 of the Act?
High Court states that Assessing Officer failed to consider that the loan was accepted through banking channel only and the details which was given by the authorized signatory of the Director were also not verified vis-a-vis records available with him in its proper perspective. The said lacuna has rightly been pointed out by the Ld. CIT(A) and deleted the addition accordingly. HC thus do not find any infirmity in the order of the LD. CIT(A). Hence, the ground of appeal referred by the Revenue is therefore disallowed by them.
FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT
1. This Tax Appeal under Section 260-A of the Income Tax Act, 1961 (for short “the Act, 1961”) is at the instance of the Revenue and is directed against the order passed by the Appellate Tribunal “D” Bench, Ahmedabad dated 26.10.2018 in ITA No.1775/Ahd/2014 for the Assessment Year 2008-09.
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