Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (1) TMI 451 - HC - Income TaxUndisclosed income - Presumption as to assets, books of account u/s 292C – During search, certain documents and material were found and the same were seized vide a Panchnama - Any documents/Books of accounts found from the possession of the assessee belongs to such persons and contents of such documents are true - Difference in physical stock in compare to the books of account - entries found noted on the front side as well as on the back-side - no description of the nature of entries made therein - whether the entries reflect purchases effected by the assessee or sales effected by the assessee - document is unsigned - the nature and ownership of entries found in the seized document - dumb document - corroborative evidence Held that:- document was a dumb document inasmuch as it does not contain any intelligible narration in support of the inference drawn by the Assessing Officer that it reflected sales carried out by the assessee outside the regular books of account. Revenue was unable to demonstrate that the entries where there were no names of purchasers should have been added to the undisclosed income of the assessee alone particularly when the document related to entries concerning other purchasers mentioned therein as well. On the basis of documents which were seized from the possession of Assessee’s, son of the partner of the firm did not disclose any material to establish that undisclosed income, as deleted by the Tribunal, had arisen in this case. Thus, the plea relating to presumption available u/s 292C in respect of documents etc. seized u/s 132(4A) being available to the revenue, yet the revenue is unable to derive any benefit therefrom - In favour of assessee
|