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2012 (8) TMI 1041 - AT - Income TaxAdditions based on the statement recorded at the time of survey u/s. 133A - Held that:- In the present case, the additions are based on the statement recorded at the time of survey u/s. 133A which have been later on retracted by the assessee. The A.O. has not brought any corroborative evidence and material on record to justify the addition. The A.O. has not brought any independent evidence or given any finding to substantiate the declaration made at the time of survey. In view of these facts we are of the view that no addition can be made only on the basis of admission during the course of survey. We thus direct the deletion of the addition made. Thus this ground of the assessee is allowed. Violation of conditions laid down under section 80IB (2)(ii) - Held that:- Carrying on the same business in the new unit or stoppage of business in the old unit cannot be a criteria to hold that it is a case of reconstruction of a business already in existence Creditors from unexplained sources - Held that:- A.O. made addition on the basis of the ledger account of the assessee as appearing in the books of the supplier. Before us the Ld. A.R. has urged that the addition has been made on the basis of assumption and presumption. However, no documentary evidence has been furnished before us in its support. Thus in the absence of any material to the contrary, we do not find any reason to interfere in the order of CIT (A). We thus uphold the order of CIT (A) and dismiss this ground of assessee.
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