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2011 (9) TMI 610 - HC - Income TaxAddition - Assessing Officer has categorically stated in his order that in the absence of any clarification he is left with no option except to treat the sum of Rs. 40.00 lacs + Rs. 31.50 lacs to have been paid out of books from the income not disclosed was not perverse - assessing officer has not pointed out as to what happened to Rs. 40 lac which were earlier appearing in the balance sheet. If the said sum has been transferred to the head "Unsecured Loan", obviously Rs. 40 Lac is a part of Rs. 1 crore only - It is merely adjustment of entries i.e transfer of the figure from one head to another head - assessee has only figured out the entire "share application" money to another head during the financial year 2001-02 - Decided in favor of the assessee. Addition on account of unexplained expenditure - held that:- Rs. 1,86,260/were recovered from the cashier and if Rs. 75,000 is added which was the amount used for purchase of demand draft, the shortage of Rs. 2,61,260 stands explained. The amount was taken by the cashier during the assessment year under consideration and the same was duly shown as shortage in the cash chest. Since the figure tallies, there is no reason to reject the assessee's explanation out rightly.
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