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2017 (3) TMI 1921 - ITAT MUMBAIUnaccounted cash receipts - Revenue carried out search and seizure operation u/s. 132 - reliability of the loose sheets - interpretation given by the Assessing Officer to the noting made in the loose papers - HELD THAT:- We have noticed earlier that the assessing officer has taken the figures noted in these loose sheets as representing “lakhs” - A careful perusal of the same would show that a sum of Rs.50.0 was withdrawn on 18.9.07 with the narration “Drawings”. The drawings could not be normally in lakhs, but only in thousands. Hence the statement given by Shri Vinod Faria, in our view, would stand corroborated by this entry. Hence we are of the view that the tax authorities are not justified in interpreting the figures as “in lakhs”. When this point was put to Ld D.R, he also admitted that the possibility of taking the figures in thousands is more in the facts and circumstances of the case. Hence the aggregate amount for consideration should be taken as Rs.65,000/- and not Rs.65,00,000/- as presumed by tax authorities. Nature of payment - contention of the assessee is that he has not received any payment as alleged by the tax authorities - There is no evidence to show that there were certain business transactions which resulted in payment of any income by Shri Vinod Faria to the assessee. Hence, even if it is considered for a moment that the payments have been made to the assessee under the name “Milan bhai”, yet the question would remain as to whether those payments can be considered as assessee’s income?. In the absence of any other material to show that these payments have been made towards business dealings, we are of the view that the alleged payments cannot be considered as income of the assessee. In any case, the noting made in page no.16 pertains to the period relevant to AY 2008-09 as per the dates noted against other transactions. Hence, on a conspectus of the matter, we are of the view that the transactions noted in these loose sheets cannot be considered as representing income of the assessee. In view of our finding given above, we do not find it necessary to go into the question of reliability of the loose sheets. Decided in favour of assessee.
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