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2012 (12) TMI 757 - AT - Income TaxUnexplained Expenditure u/s 69C – Shortage of Cash – Held that:- The appellant’s books has been obtained and it transpires that all the payments have been made through Bank of India and there is apparently no correlation with any of the amount appearing in the seized papers - addition made is hereby deleted. Difference in Stock – Held that:- Impugned addition made by the Assessing Officer merely on the presumption that the assessee kept changing his version about difference in stock and no justifiable reason was adduced in the assessment order for making the addition, therefore, the CIT(A) rightly deleted the same. Unexplained Purchase of goods – Held that:- Additions made on the plea that bill no. 4 dated 19.1.2007 of M/s Guru Nanak Traders for an amount of Rs. 3,55,000/- was found at the business premises of the assessee. The assessee tendered in his statement that the goods mentioned in the bills have not been delivered till date and were transported through Sanjay Transport Company of Jabalpur on 20.1.2007 only. Identically bill bearing no. 76 dated 20.1.2007 of M/s Jeetu Steels for Rs.1,20,365/- was found which was issued in the name of Shreenath Traders. The assessee claimed that he did not purchase the goods appearing in the bill. On perusal of the observations the explanation offered by the assessee justification in the conclusion of the CIT(A) exists - appeal of the revenue having no merit therefore, dismissed.
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