Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 1616 - ITAT DELHIAddition u/s 69A on account of unexplained cash - additional income disclosed under the head income from other sources/undisclosed income/undisclosed investment - Retraction of Additional Income disclosed - Addition based on the disclosure made by one person in case of a group companies - statement u/s 132(4) relied upon - HELD THAT:- In the present case the additions are involved based on statement u/s 132 (4) of the act as well as cash found during the course of search. The addition because of admissions is bald admission and which is partly retracted and corrected to the extent of ₹ 86 Crores. The statement was obtained by the revenue without collecting the evidences at the time of search. Neither the ld AO, Nor investigation wing showed any evidence based on which the above disclosure of ₹ 150 crores was substantiated. Therfore there is no reason that matter can be set aside. No justification was alos showed before us in the above ground as to what inquiry ld Ao has failed to make which is now should be made by appellate forum. Furthermore the second addition on account of cash found was also substantiated by the assessee to show wealth tax returns of the family members as well as the cash position statement as on the date of search. AO has made the addition ignoring them. Now before us, it is not stated that what else inquiry or evidences should have been inquired about the above issue. Therefore we reject the above grounds of the revenue. - Decided in favour of assessee.
|