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2012 (12) TMI 26 - AT - Income TaxAddition u/s 69 - unexplained investments in plot of land - assessee surrendered the amount, however subsequently retracted from statement and contended that same was paid by Mr H - Held that:- It is found that impugned amount was disallowed merely on the ground that the impugned payment was paid by cheque dated 14.7.2002. From facts, it is found that it is a typographical error and in fact the payment was made on 14.7.2003 through cheque. Another reason for making the addition was that confirmation was not filed. However, we find that such confirmation was filed from Shri H, therefore, from both the angles, the claim of the assessee deserves to be allowed. Addition u/s 41(1) - amount transferred to the capital account of the assessee, who is a partner in the firm, Bhopal Garage & Service Station from loan account of his brother, in the same firm held as waiver of loan as gift but taxable u/s 41(1) - Held that:- From records genuineness of gift is established. Since it is money from the brother in the form of gift, section 41(1) is not attracted - Decided in favor of assessee Credit in the capital account of the assessee from the gifts received in ring ceremony of son - Held that:- Receiving of gift was accepted by the Assessing Officer, therefore, this addition is also deleted.
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