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2012 (8) TMI 357 - AT - Income TaxAddition on account of cash loan paid against the security of cheques - CIT(A) deleted addition - Held that:- CIT(A) has not given opportunity to the A.O. before accepting the reconciliation of the assessee and deleted the additions made - though reconciliation submitted by the assessee appears to be reasonable but verification is to be made by the A.O. - the matter is remanded back to the A.O. to reconsider the reconciliation submitted. Addition on account of interest accrued on such cash loan - Held that:- The A.O. had not brought on record any evidence to substantiate that the assessee had charged interest on cash loan. There was disclosure on account of cash loan by the assessee at Rs.1.41 crore for the block period. The A.O. has presumed date for calculation of interest as date of search. It appears that there was no noting on seized material about charging of interest and no evidence had been gathered by the A.O. from the loanee. In absence of any conclusive evidence, the addition cannot be sustained. The A.O. made addition on conjuncture and surmises - in favour of assessee. Addition on account of investment in jewellery - Held that:- The assessee had made disclosure of Rs.2.76 crore for the block period from 1998-99 to 2004-05 out of which Rs.3.78 lakh disclosure was pertained on account of jewellery found. The remaining jewellery was as per the Board Circular as well as jewellery reflected in books of accounts. Therefore, this ground of appeal of the revenue is dismissed. Addition of Rs.7 lakhs unaccounted cash - Held that:- The assessee admitted the unaccounted cash Rs.7 lakh u/s 132(4) and claimed that this is part of disclosure of Rs.10426230/-, therefore, A.O. is directed to verify the total disclosure made by the assessee - If contention of the assessee is found correct, the credit may be given to the assessee and no double addition is to be made in the hands of the assessee - the matter is set aside to the A.O.
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