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2012 (9) TMI 477 - AT - Income TaxAddition on account of undisclosed gold ornaments - Held that:- Some of the jewellery was belonged to the assessee - The balance jewellery belonged to his wife and daughter and source of acquisition was explained - partly in favour of assessee. Undisclosed Investments in shares & securities to be from - Held that:- The assessee’s wife as well as his daughter had disclosed all the shares and securities in their respective returns which had been filed before the date of search. - Decided in favour of assessee. Addition on expenditure on furniture and renovation was made only statement recorded u/s 132(4). Thus, there is no basis of addition of ₹ 1,15,000/- and CIT(A) was not right in confirming the addition - in favour of assessee. Expenditure on Religious fuctions - Held that:- appellant had not explained the source of expenditure on religious function. - the addition of ₹ 30,000/- on account of religious function - against assessee. Addition on Expenditure on tour to Singapore & Goa - Held that:- The appellant had not filed any evidence regarding Singapore as well as Goa tour for explaining the source of expenditure. Therefore, CIT(A) was right in confirming the addition - against assessee. Addition on Household Expenses - Held that:- CIT(A) was right in holding the addition of ₹ 30,000/- on account of household expenditure - against assessee. Addition on account of stamp paper purchase - Held that:- Persuing the statement u/s 132(4) the assessee had hardly purchased stamps valued ₹ 710/- during the year under consideration and remaining stamps were either purchased by other parties or purchased by the assessee in different years. Thus, the CIT(A) was not justified in holding the addition of ₹ 13,650/- - in favour of the assessee. Addition on account of speculative trading - Held that:- It is evident from the documents seized that some of the dividends slips were in the name of assessee and his family members. - the estimate made by the A.O. appears to higher side further the assessee had disclosed shares and securities in the name of the family members in their return. Therefore the CIT(A) order is confirmed to the tune of ₹ 7,00,000/- instead of ₹ 15,00,000/- - partly in favour of assessee. Addition on account of payment made to Modern Engineering and Moulding Company - Held that:- It is undisputed that this transaction is in the name of Assessee’s daughter who was assessed to tax and had own source of income. The payments were made though drafts which were not pertained to year under consideration. Therefore, CIT(A) was not justified in confirming the addition - in favour of assessee. Estimation of professional income on the basis of general client ledger found at the time of search - Held that:- Except client general index register, nothing incriminating document was found whereas the appellant had admitted that he was not reflected full income in the regular books of account. - the addition made by the A.O. appears to higher side, therefore the addition under this head is confirmed to ₹ 2,00,000/- & remaining addition of ₹ 3,33,500/- is deleted - partly in favour of assessee.
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