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2019 (3) TMI 585 - BOMBAY HIGH COURTEstimation of unaccounted income - entries contained in the diaries collected from the assessee during search - HELD THAT:- The assessee did not dispute the contents of that diary and in fact admitted that as shown in the diary he had made the payments to the colleges and sub-brokers to the tune of ₹ 2906.30 lakhs. In a further question asking him to disclose his immovable assets, the assessee had stated that he had purchased office at Navi Mumbai in 2007, a house in Goa in April 2008, a house at Pune in 2008, two flats and a shop at Pune in 2008, two flats at Goa in 2007, a house in his mother's name at Goa in 2007, a house in his father's name at Raypur in 2007 and a plot of four and half acres at Goa in 2005. When it is thus established that the assessee was engaged in the activity of ensuring admissions of students in educational institutions by paying illegal capitation fees and when it is further established that such payments made during two relevant assessment years came close to 2906.30 lakhs, the only question remains to be decided would be as to what would be the assessee's earning out of such dealings by way of his commission. In absence of the assessee bringing on record any material to enable the revenue authorities to estimate the same with any degree of accuracy, the revenue was left with no choice but to estimate the same on the basis of available material on record. What would be the calculation of percentage of amount that the assessee would have retained in himself, in such circumstances, would always be a matter of estimation. The conclusion of the Tribunal cannot be stated to be perverse. No question of law arises.
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