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2014 (2) TMI 266 - ITAT AHMEDABADUnexplained investment - Held that:- Merely on the basis of that some figure is written on a piece of paper seized from the premises of the assessee, would not be sufficient to make the addition of that figure in the income of the assessee as unexplained investment - The AO should have placed material on record in support of his contention that the figure represented is not an estimation but it is actual payment of the 'on-money', since the market value of the land in the particular area is higher than the assessee has reflected in his books of accounts - Decided in favour of assessee. Unexplained cash credit - Held that:- Relying upon the decision in CIT vs. Orissa Corporation Pvt. Ltd. [1986 (3) TMI 3 - SUPREME Court] - No question of law arises where the Tribunal came to the conclusion that the assessee has discharged the burden that lay on him by furnishing the names, addresses, index numbers of the alleged creditors. In this case, creditors have given confirmation as well as their returns of income were also furnished before the AO - The AO rejected the evidences on the basis that there is a cash deposit of Rs.1 lac before one or two credit entries of loan making to the assessee - The AO has recorded that the loan was provided on 22/11/2006 and on 6/12/2006 and the cash was deposited on 28/09/2006 - The presumption of AO was wrong - Decided in favour of assessee.
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