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2011 (1) TMI 1110 - HC - Income TaxBlock assessment - Search and seizure - Value of stock - Held that:- The evidence has to be taken along with other materials on record and the assessee's son Shri.Bosky had taken registration and is carrying on business in the shop and is returning income from the said business. Thus value of stock found at the business place at Kanhangad was rightly held by the Tribunal as not assessable as assessee's income - Decided in favor of the assessee. Regarding disallowance u/s 54E - Held that:- The appellate authority on facts found that the building was constructed though in the name of assessee's wife, it belonings to him and so much so, the reinvestment of the sale proceeds in the house newly constructed entitle the assessee for the benefit under Section 54E - Decided in favor of the assessee.
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