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2011 (11) TMI 513 - HC - Income TaxSearch and seizure - Undisclosed income from professional receipt - Held that:- Addition made by the AO in a sum of Rs. 16,00,000/- towards the undisclosed income from profession is based upon the estimation made by him which the assessee might have received from the person as the ledger itself does not mention the amount received and wherefore the finding of the AO is based upon is not proved - Tribunal justified in deleting the addition - in favour of assessee. Unexplained investment made in land - Held that:- Assessing Officer has not made any enquiry regarding the said material found during search and has merely proceeded on the basis of the presumption under Section 132(4A). The said presumption would arise only when the indiscriminate materials found during the search and having regard to the contents available on record, it cannot be said that the said letter would prove that Plot 'No'. 7-B belong to the assessee, hence addition not justified - in favor of the assessee
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