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2015 (12) TMI 1522

Head Note:
Addition being 1% of the total wages and salary - Held that:- We find that the assessee had offered the additional income on account of discrepancy in record in respect of certain payments made to certain parties on account of wages and labour charges. The AO has also made the disallowance finding discrepancies in the salary register. Hence, in our view, telescopic benefit is required to be given to the assessee in respect of the income offered on this account. Since the assessee has already declared additional income of ₹ 5,67,047/- in this respect, hence, in our view, no further disallowance of ₹ 1,79,732/- was warranted in this case. In view of the above, addition made on this issue is hereby ordered to be deleted.

Interest under section 234B - Held that:- We find that as per sub section (3) of section 234 of the Act as it stood and applicable for the assessment year under consideration, the assessee is liable to pay the interest, for the period commencing on the day following the date of determination of total income under sub section (1) of section 143 or under section 143(3) as the case may be and ending on the date of reassessment or re-computation under section 147 or section 153A. On the amount by which the tax on the total income determined on the basis of the reassessment or re-computation exceeds the tax on the total income determined under sub section (1) of section 143 or on the basis of regular assessment under section 143(3) of the Act. The Hon’ble Karnataka Bombay High Court in “Vijay Kumar Saboo, HUF & Others. Vs. ACIT” (2011 (7) TMI 135 - KARNATAKA HIGH COURT ) has also analyzed the above provision and has held that where in a case, the income is determined consequence to the filing of the return under section 143(1) or 143(3) and the income is increased in consequence of the reassessment proceedings, either under section 147 or under section 153A of the Act, the interest will be leviable as per the provisions of sub section (3) of section 234B of the Act. In view of the above, the AO is directed to calculate and compute the interest accordingly.

Addition u/s 68 on unexplained bank deposits - Held that:- The assessee has explained the source of entire deposits of more than ₹ 7 lakhs, we do not find any justification on the part of the lower authorities in disbelieving the source of above deposits of meager amount of ₹ 18,200/-. - Decided in favour of assessee


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