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2015 (4) TMI 1175 - AT - Income TaxUnexplained investment u/s. 69B and unaccounted interest addition - entries found in the seized diary of the Shri Shreeram Soni - Held that:- No addition is called for in the hands of the assessee as it is an admitted fact that neither Shri Shreeram H. Soni has admitted to have accepted any money from the present assessee nor any document or evidence whatsoever was found from the residence of Shri Shreeram H. Soni belonging to the assessee. We find during the course of assessment proceedings ,the assessee had categorically stated before the AO that he does not know Shri Shreeram H. Soni. Nothing has been brought on record to show that the above submission of the assessee is false or untrue. The statement of the assessee was never recorded by the AO nor the AO has granted any opportunity or directed the assessee to cross-examine Shri Shreeram H. Soni. When the assessee resides at Mahabaleshwar and Shri Shreeram H. Soni resides at Pune therefore, in absence of any corroborative evidence whatsoever found from the residence of Shri Shreeram H. Soni belonging to the assessee, the statement of the assessee before the AO that he does not know Shri Shreeram H. Soni cannot be ignored and addition cannot be made in the hands of the assessee.- Decided in favour of assessee.
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