Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 1103 - AT - Income TaxUnexplained income - Assessee was unable to explain the share application money received by it - Exemption to Scheduled Tribe of North Eastern Region - Exemption under section 10(26) - Held that:- A perusal of the facts in the case of Shri Motilal Jain and Shri Gulab Chand Jain shows that before the assessing authority in the course of original assessment proceedings, one balance-sheet had been produced. In the course of the assessment proceedings under sect ion 143(3) read with section 263, which is the assessment under challenged, another balance-sheet had been produced. - In respect of Smt. Preety Dkhar and Smt. Phool Dkhar, though both have stated that they are Tribal of North East Region and their incomes are exempt under section 10(26) of the Act, no evidence whatsoever has been produced to substantiate any of their claims. Nothing whatsoever was produced so that they belong to Scheduled Tribe in the North East Region. Nothing has been produced to show that they had money to make the investment in the share application of the assessee. In these circumstances, the issue of the share application money in the case of Shri Gulab Chand Jain and Shri Motilal Jain is restored to the file of the Assessing Officer for re-adjudication after personal verification and examination of Shri Gulab Chand Jain and Shri Motilal Jain. In respect of the addition deleted by the ld. CIT(Appeals) in the case of Smt. Preety Dkhar and Smt. Phool Dkhar, the order of the ld. CIT(Appeals) is reversed and that of the Assessing Officer restored in so far as no evidence whatsoever has been produced to show that Shri Preety Dkhar and Smt. Phool Dkhar belong to Scheduled Tribe of North Eastern Region or that they had sources to make the investment in share application. - Decided partly in favour of Revenue.
|