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2012 (8) TMI 123 - ITAT INDOREAddition on account of unaccounted deposit and withdrawals in the bank account - Held that:- Addition u/s 68 has been made in the hands of the assessee for the amounts which were found credited in the account of another person that too without bringing any positive material on record - the transactions in the bank account of Shri Shailendra Dubey, employee of assessee firm even technically cannot be made to be part of transactions of the assesse and consequent addition u/s 68. Even the account was opened and operated by employee and not by the partners of the assessee firm, consequently no infirmity in the conclusion drawn in deleting additions - in favour of assessee. Addition on the basis of alleged excess stock - Held that:- As assessee submitted voucher issued by Agrawal Jewellers, Bhopal & M/s Kanval Jewellers evidencing confirmation of giving gold ornaments to the assessee and receipt of gold articles entry in its Vyapari register - statements of the partners were duly recorded mentioning that such stock of gold was sent to the assessee firm -as in the assessment of M/s Agrawal Jewellers, the same AO has accepted this version that stock to the extent of 2210.300 gms was sent to the assessee firm, in that case no ‘U’ turn is expected or permitted - as the excess stock of 31.56 gms which was claimed to be a weighing error by the assessee, the value of which is Rs.2139.50 per gram, was treated as unexplained investment resulting into addition of Rs. 66,523/- therefore no infirmity in the stand of the learned CIT(A) - in favour of assessee. Addition on account of sales out of books - Held that:- The true copy of the seized documents on the basis of which the addition was made was duly perused/examined by the learned CIT(A) and ultimately found that the unaccounted sales were only to the tune of Rs. 1,73,765 which resulted into relief of Rs.2,85,416/- out of the total addition of Rs.4,59,181 - partly in favour of assessee. Addition on account of precious stones - Held that:- There is uncontoverted finding in the impugned order that the Jawaharat account was duly maintained on year to year basis and there is substantial stock in comparison to the addition, consequently no infirmity in the impugned order in deleting the addition - against revenue.
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