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2013 (2) TMI 576 - GUJARAT HIGH COURTAddition on the basis of cheques and hundis found during search – Cheques and hundis were found in the residence of assessee in the name of one Shri Rakesh N.Patel – AO Considered that these were the cash advances given by assessee to Shri Rakesh Patel on the security of the cheques and addition were made – Held that:- Addition was made only on the basis of presumption on the ground that the cheques were received on cash loan advances to Shri Rakesh Patel - There was no corroborative material for sustaining such presumption. This issue is purely factual in nature – Against the revenue. Addition made on account of interest on loan – cheque issued by one Shri Archit Shah was to the tune of Rs.13,50,000/- against the debit balance of Rs.12,14,072/- , difference was added by AO as the income of the assessee derived by way of interest on their loan advances – Held that:- department could not bring on record any material to show that the assessee actually received interest of Rs.1,35,928/- at any point of time – Against the revenue. Addition on the basis of entries mentioned in the seized documents – AO observed that on the seized paper, two amount respectively Rs.30 lacs and Rs.11 lacs were indicated, and on this basis additions were made – Held that:- addition was made only on the basis of the noting on the piece of papers without there being any evidence – It is completely unjustifiable – Against the revenue.
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