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2021 (9) TMI 445 - AT - Income TaxOwnership - Amount seized from the assessee at the Delhi Air Port - real owner of the cash amount seized from the assessee belongs to whom - HELD THAT:- The assessee has successfully discharged the burden by disclosing source of cash amount by filing respective evidences which are available on the record in the paper book. Even otherwise, the tax authorities are also required to tax the real owner and not the representative thereof and in this case, the real owner of the cash amount seized from the assessee belongs to M/s Lux Industries Ltd. and not to the assessee. Although, the assessee had also filed an affidavit in support of his contention but he was never cross examined by the A.O. Therefore, the averments contained in duly sworn affidavit are to be accepted as a correct unless the same are rebutted by the evidence. we are of the view that the amount seized from the assessee at the Delhi Air Port belonged to the Lux Industries Limited and not the assessee. The A.O. as well as the ld. CIT(A) wrongly made and confirmed the assessment and added the same in the income of the assessee, therefore, we direct to delete the addition qua this issue. Appeal of the assessee is allowed.
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