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2010 (6) TMI 600 - AT - Income TaxSearch and seizure - Undisclosed income - Share application money, Gift, Set off of loss and cash credit - During the course of search and seizure operation, certain assets and documents including cash, jewellery etc. were found - Held that: company had received share application money to the extent of Rs. 25 lakhs. In the instant case, money has been withdrawn by the assessee being director of the said company from company’s bank account - There is no material available on record that the amount of Rs. 20 lakhs was utilized or invested elsewhere by the assessee - Decided in favor of the assessee Regarding gift - In the instant case, the identity of the alleged donor has not been proved. The alleged gift deed does not disclose complete address of Shri Naveen Khera, the alleged donor - The assessee did not produce alleged donor for examination before the lower authorities for the reasons best known to him. There is no evidence on record to show the capacity of the donor in making the alleged gift - Decided against the assessee Regarding set off of loss - assessee submitted a return of income under section 153A of the Act disclosing additional income of Rs. 25 lacs on estimate basis on account of loose papers found during’ the course of search - Held that: ld.A.M. was not correct in stating that the assessee is not entitled to set-off of Rs. 5,28,302 against the addition of Rs. 12 lakhs confirmed by the ld.CIT(A) on account of blank cheques found with the assessee - assessee has discharged the onus of proving the identity of the creditor, the capacity of the creditor and the genuineness of the transaction - Decided in favor of the assessee Regarding addition of Rs. 2 laks, I find that Shri Shri Dataram Tehlani is regularly assessed to Income-tax - It seems that the Assessing Officer had made the addition without proper verification and without giving finding in respect of the creditor. In my opinion, the assessee has discharged the onus of proving the identity of the creditor, the capacity of the creditor and the genuineness of the transaction - Decided in favor of the assessee
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