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2012 (8) TMI 672 - ITAT, CHENNAIAddition on unaccounted income - Held that:- Considering the agreement with Shri Puratchidasan claim of the assessee is accepted on Rs. 2,50,000/- out of Rs. 5 lakhs that was the amount returned on cancellation of the agreement & that Rs. 12,000/- was the registration expenses for the agreement returned by Shri Puratchidasan. Insofar as Rs. 3 lakhs claimed as amounts returned by Shri Puratchidasan out of cash paid in 1990, CIT(Appeals) was of the opinion that fresh evidence was produced in the form of promissory notes could not be accepted as there is nothing on record to show that these promissory notes, claimed to have been issued by Shri Puratchidasan, were part of the seized records. Assessee has shown no reason as to why such promissory notes were not produced before the A.O - the CIT(Appeals) was absolutely justified for rejecting the claim of the assessee - against assessee.
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