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2012 (6) TMI 81 - AT - Income TaxSearch/ survey proceedings on group concerns - additions - alleged unexplained investment with HMA Group - Revenue contended unaccounted purchases on basis of few bills found during survey - Held that:- Evidence on record does indicate that these are only accommodation bills for obtaining the loans. Just because there are certain bills available, it cannot be considered as unaccounted purchases unless there is evidence that assessee purchased the goods in question and paid the amount outside the books of account. Assessee contended that amounts were settled by way of LC proceeds and these were accounted for in the books of account. In the absence of any actual purchase and the fact that the bills were discounted in the Bank, which were accounted in the books of account takes it out of the unaccounted purchase provisions of the I.T. Act - Addition deleted Alleged unaccounted sales to Liberty Marketers - dispute regarding name in which bills are raised between both parties - Held that:- As the matters were disputed, contentions were not accepted, and in absence of inquiry and examination of the actual details, matter restored to file of AO Interest paid in cash and relatable loan taken and repaid in cash - assessee contended that interest was taken upfront i.e. the interest would be deducted from the principal amount at the time of advancing the loan itself and these amounts are taken by way of cheques - Held that:- As far as the amounts of loan taken, they are tallying with the dates and these amounts are taken by way of cheques. Matter require further examination - File restored to AO. Alleged unaccounted sales to Depot - dispute is with reference to the goods sent to Branch considered as unaccounted sales of the HO on the basis of the statement obtained from the Branch office - assessee submitted that out of sales statement of 6346 No. of items, Branch has accounted sales of 2698, hence sales of 2698 may be added - Held that:- Addition is restricted upto 2698 items, balance to be deleted. Entire sales proceeds of aforesaid items will be added as against assessee contention of adding only profits. Alleged unaccounted stock at depot - no addition made in assessment order - Held that:- Unaccounted stock found subsequent to the date of search cannot be considered in the block assessment proceedings and may have to be considered under the regular assessment proceedings - Addition deleted. Alleged Cash Credits - Held that:- Since credits are accounted in the books of account and is a subject matter of inquiry in the regular assessments, therefore, in the absence of incriminating material in the course of search, these cannot be examined in the proceedings u/s 158BC. Benefit of telescoping in block assessment - Held that:- Since few grounds are restored to file of AO. hence ultimate examination of telescoping benefit has to be done by AO after deciding the issues afresh.
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