Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (12) TMI 816 - AT - Income TaxPresumption as to assets, books of account, etc - Section 292C - Undisclosed income - assessee firm is engaged in the business of land development i. e. purchase and sale of land after getting it developed and plotted - learned DR relied upon the orders of the authorities below and submitted that the assessee never retracted from his statement made on oath and the statement of the assessee's partner was based upon the seized document found during the course of survey - In the absence of any affidavit from the side of the assessee, no cognizance could be taken of any of the explanations of the assessee in this regard - assessee admitted unaccounted land development expenses incurred outside the regular books of accounts - assessee was playing hide and seek with the revenue authorities by concealing the original affidavit with the AO of this case as well as did not cooperate with the AO by not producing the concerned parties for examination and verification of the land deal between such parties and the assessee - it is not a case where addition is merely made on the basis of statement of the partner of the assessee firm but in fact based upon the loose paper found during the course of survey - Decided against the assessee
|