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Cimsys Research India Pvt. Ltd., , ... vs Ito, Ward - 8(1), Kolkata , Kolkata on 26 February, 2020 cites

Cimsys Research India Pvt Ltd., Kolkata vs Department Of Income Tax on 21 May, 2013

It is trite law that additions cannot be made, based merely on the statement of a third party, in the absence of any corroborative material evidence. There must be cogent and palpable material evidence material evidences on record for any justifiable action in the matter. I find that the AO has not done justice in the matter in this respect for which the impugned addition cannot stand the test of appeal. I find that the appellant has discharged its initial onus by furnishing all the requisite ITA No.1435/Kol/2018 Assessment Year 2012-13 Cimsys Research India Pvt. Ltd. Vs ITO-Wd-8(1) Kol. Page 4 details in respect of foreign exchange loss incurred by it. It is not the case of the AO that the appellant has failed to furnish documentary evidences in support of the said foreign currency loss. Thus, considering the entire facts and circumstances of the issue at hand in the backdrop of the various case laws cited in the submission supra and in the absence of any cogent finding or corroborative materials brought on record by the AO to substantiate his stand in subverting the submission of the appellant on the impugned matter at the assessment stage. I do not find any merit in the action of the AO in making the impugned disallowance of Rs.43,90,251/- as unexplained loss with regard to the said transactions. In view of the foregoing, I find that the addition made on this count is not sustainable at the appellate stage which is now directed to be deleted. The AO is directed accordingly. "
Income Tax Appellate Tribunal - Kolkata Cites 3 - Cited by 1 - Full Document
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