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2017 (1) TMI 1401 - AT - Income TaxAddition on the basis of statement of Sh. Ram Kishan Gupta - search and seizure u/s 132(1) - Held that:- In the present case, it appears that the impugned addition was made by the AO solely on the basis of statement of Sh. Ram Kishan Gupta. On a similar issue in the case of M/s Babushaka Promoters Pvt. Ltd., Delhi, who belongs to the same group to which the assessee belongs, held that since at the time of surrender and statement recorded u/s 132(4) of the Act Shri Ram Kishan Gupta was not asked to provide details the nature of income he was surrendering in the case of a particular company or person and particular head of income and as such failure of the Revenue authorities, addition cannot be made without any basis for A.Y 2010- 11. Even during assessment proceedings the AO either at the post search stage or during assessment proceedings could not bring any cogent material to show that such undisclosed income under such head has been surrendered for A.Y 2010-11 - Decided against revenue
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