Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 1098 - AT - Income TaxAdditions made u/s 153C - Held that:- Additions are not sustainable when there is no indication of incriminating material having been found in the course of search to be used against the assessee. Regarding the addition of ₹ 3.60 lakhs, being income from Bombay Rayon Fashions Ltd, it is submitted that the Assessing Officer made estimated additions based on the statement recorded during the assessment proceedings u/s 131 of Act. It is the case where AO estimated the income for personal use at the rate of ₹ 30,000/- per month and the same is not supported by any incriminating material. As stated above, such additions are not sustainable in law. Therefore, we are of the opinion that the additional ground raised by the assessee is allowed in his favour.
|