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2013 (7) TMI 116 - HC - Income TaxUndisclosed investment - CIT deleted addition of undisclosed income - Held that:- CIT deleted the entire amount by elaborate discussion of the issue - It was during the course of the search that such jewellery has been found at the residence of the assessee. The statements of different family members were recorded. The confirmation/ affidavit of the father, mother, wife of the assessee claiming jewellery were also recorded. In such background, the CIT (Appeals) noted that the jewellery belonged to different family members and it also relied on a circular of the CBDT, which permitted customary owning of such jewellery by the ladies. Resultantly, it deleted the entire amount - Decided in favour of assessee. Interest on cash loans - CIT deleted - Tribunal deleted entire amount of cash loans - Held that:- When the amount of cash loans itself had been deleted, the issue of making addition by way of interest on such question would not arise. Moreover, the Tribunal also regarded absence of any material worth the name to indicate any proof of charge of interest on cash loans and hence, the Tribunal committed no error at all in dealing with the issue in question - Decided in favour of assessee.
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