Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 472 - AT - Income TaxAssessment u/s 153A – Whether addition can be made on basis of certain notings made on loose sheets seized during search - Held that:- AO should bring other cogent and corroborative evidence on record to establish that the notings in loose sheets actually represent undisclosed income - The assessee as well as Sri Jitender Kedia in their statements stated that an amount of Rs.2 crores was advanced to Sri Jitender Kedia for taking on lease M/s Kedia Alloys Pvt. Ltd., and as the deal did not work out Sri Jitender Kedia returned an amount of Rs.2.70 crores to the assessee and other partners of M/s Padmavati Ispat, along with other amounts spent - The addition was made on estimated basis and on assumptions without referring to the specific information in the seized material or any other material – The AO has not given any specific logic on which basis he has computed the figure of Rs Rs.48,49,000/- Decided against Revenue.
|