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2013 (1) TMI 673 - AT - Income TaxUnaccounted stock – Undisclosed income - Excess stock found at the time of Survey u/s 133A - Assessee engaged in selling sceneries/potteries received from various artists - whatever articles were sold she used to pay the artist after deducting her commission - unsold items she used to return back the items to the respective artists – The additions were made by Assessing Officer on the basis that assessee did not provide the evidences during course of assessment proceedings - Held that:- The assessee had also submitted the confirmations from 13 artists who had confirmed of their being owner of the items found at the premises of assessee and they have confirmed that they have not sold these to the assessee. Therefore, excess stock found at the time of survey necessarily belonged to the various artists who had got their work of art displayed at the gallery of the assessee and these were meant to be sold by the assessee on commission basis. In favour of assessee
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