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2012 (7) TMI 239 - ITAT INDOREAdditions on account of undisclosed income - Held that:- Since income of assessee was below taxable limit, therefore, no return was filed, thus in view of the decision of in the case of SURENDRA KUMAR LAHOTI Versus ACIT [2006 (4) TMI 68 (HC)] the income below taxable limit may not be treated as undisclosed income On account of difference in value of car and undisclosed interest the assessee could not explain the source of deposit, thus the addition made by AO is confirmed for the assessment year 1988-89, whereas in view of the income assessed in assessment year 1988-89 till 1993-94, the assessee was having sufficient cash for deposit in the Bank account. Accordingly, the addition made by the Assessing Officer is not sustainable. As for unexplained investment in gold ornaments and unaccounted rental income the assessee could not explain the source of acquisition of gold ornaments, the AO has correctly made addition. Addition in respect of purchase of tanker - Held that:- As the AO has not properly evaluated the documents filed to explain the source of investment in tanker, restore this ground back to the file of the Assessing Officer for deciding afresh
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