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2004 (7) TMI 18 - HC - Income TaxUnexplained income of Rs. 15,000 - "Whether, Tribunal was justified in taking the view that the deposits made by the partners on the first day of the accounting period could not be treated as the income of the assessee from unexplained sources?" - assessee, which is an AOP, runs a store - During the assessment proceedings ITO noticed that the three partners invested Rs. 5,000 each on August 1, 1975, the first day of the accounting period relevant to the assessment year in question. ITO added the entire amount of Rs. 15,000 as income from undisclosed sources - it does appear that the deposit of Rs. 5,000 by each of the partners was made on the first day of the start of the assessee's business. On the first day of the business, it cannot be assumed by any stretch of imagination that the assessee, which is a firm, though assessed in the status of an AOPs (association of persons) had unexplained income of Rs. 15,000 – Thus, Tribunal had rightly deleted the addition
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