Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (12) TMI 639 - AT - Income TaxInadequate drawings - CIT(A) deleted the addition - Held that:- No reason to interfere with the findings of the CIT(A) as no evidence was brought on record by the Revenue in support of the addition made in the assessment order towards inadequate drawings. No material was found during the course of search to indicate any suppression of drawings and the drawings admitted by the assessee are reasonable - against revenue. Unexplained investment/expenditure u/s 69B/ 69C - CIT(A)directed to treat as income from other sources - Held that:- No material was placed on record suggesting that the assessee has made payment over and above the documentary value for purchase of the property as alleged in the assessment order the order of the CIT (A) in holding that the amounts offered by the assessee voluntarily in his return of income should be assessed as income from other sources - There being no good reason to interfere with the findings of the CIT(A) that the amounts offered by the assessee are to be assessed as income from other sources and not to be treated as an addition made under section 69B/69C as assessee is not the owner of the asset and he has not paid any amount more than the registered sale price - against revenue. Unexplained Cash - Held that:- Department had seized Rs..8.00 lakhs in assessee’s premises in the course of search. It is also not in dispute that an amount of Rs..6.00 lakhs was seized from assessee’s mother Smt. K. Rajeshwari. The Department having seized the cash of Rs. 14.00 lakhs, it has to give credit for such seized cash either in the hands of the assessee individual or in the hands of Shri V. Sankar (HUF) or mother of the assessee Smt. K. Rajeshwari. In the circumstances, no infirmity in the direction given by the CIT (A) in directing the AO to grant credit for a sum of Rs..14.00 lakhs in the hands of the assessee and in case, if credit is given for such cash seized in the hands of Shri V. Sankar (HUF) and Smt. K. Rajeshwari, the credit given in the hands of the assessee has to be withdrawn - against revenue. De novo assessment made under section 153(A) - Held that:- As per provisions of section 153A to 153C it provides for fresh assessments for six years preceding the year of search and assessments need not be confined to issues based on the materials found during the course of search Levy of Interest - Since levy of interest under section 234B is only consequential, no force in the ground taken by the assessee.
|