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2011 (2) TMI 118 - HC - Income TaxBogus purchase and sale - Addition -Search and seizure - Refrence to Voluntary Disclosure of Income Scheme, 1997 (for short “VDIS”) - Burden of proof - Held that: the finding recorded by the Tribunal that addition under Section 68 in respect of alleged bogus sale of jewellery was not justified is perverse. The Tribunal has not considered the merits of the genuineness of the transaction of sale by the assessee. In the light of finding recorded by the assessing officer and the CIT(A), it was expected that the Tribunal should have gone into the question of identity of the jewellery declared under the VDIS and jewellery sold in the transaction in question. It was necessary to go into the question whether the assessee had not received any bogus accommodation book entries as inferred in the order of assessing officer and CIT(A).- ITAT order set aside - matter remanded back to tribunal.
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