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2013 (10) TMI 1419 - AT - Income TaxValidity of assessment - Held that:- the assessment of the assessee has been completed within the time limit prescribed u/s. 153B(1)(b) of the Act hence, the assessee should not have any grievance. Addition towards unaccounted sales - Held that:- We find that except the estimate nothing is there on record to suggest that the assessee has invested ₹ 4,50,000/- as seed capital. At the same time unaccounted investment cannot be ruled out also. We, therefore, sustain the addition to ₹ 1,00,000/- and accordingly the assessee gets the partial relief. Addition on the basis of the DVO report - Held that:- We find that this issue stands covered in favour of the assessee by the decision of the Hon'ble Supreme Court in the case of Sargam Cinema Vs. CIT [2009 (10) TMI 569 - Supreme Court of India ] wherein held Matter could not refer to the Departmental Valuation Officer without the books of account being rejected. Cash seized during the course of search - whether cash seized should have been adjusted against the advance tax payable in view of Sec. 132B of the Act and no interest should have been levied u/s. 234B and 234C of the Act - Held that:- The Learned Counsel fairly admitted that no specific request was made by the assessee for adjusting the seized cash. In our opinion, if the assessee has not requested the Department for adjustment of the seized cash, in such situation the assessee cannot escape from the levy of interest u/s. 234B and 234C of the Act. Addition towards the low house hold expenditure - Held that:- Assessing Officer has passed the order u/s. 154 on 03-02-2010 and reduced the addition as there was a mistake in the tabulation. The Ld. CIT(A) gave the relief by 50% reducing the addition. It is true that the addition on account of short house hold expenditure is not based on any concrete material but the reasons given by the Ld. CIT(A) are quite elaborate to support his order and we accordingly sustain the addition.
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