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2013 (2) TMI 477 - GUJARAT HIGH COURTSearch and seizure – Search u/s 132(1) conducted on 4.9.2002 - sale-deeds, Cash, Fixed Deposit, RBI Relief Bonds, purchase of jewellery in the name of family members were found – ROI were filed, for the block period beginning from 1.4.1996 to 4.9.2002, in response to notice u/s 158BC declaring income as nil – Additions were made by the AO on account of unexplained investment in construction, undisclosed income by way of sale consideration, undisclosed investment - Held that:- Construction was made in the year of 1993 and In regular returns, the profit had been offered to tax and the same had been accepted by the Department - Also confirmed by the Ahmedabad Municipal Corporation, and therefore, cost was incurred before the block period and assessee offered 8% of such income of sale proceeds of shops in regular income tax returns. Details of bank deposits were made available and bank account of assessee's son was also disclosed - There were explained deposits in bank account which were part of regular transactions and which were not only disclosed but from the sale proceeds of the shops, profits was offered for tax by the assessee in the regular returns filed with the Income Tax Authority and therefore, it did not sustain such additions. With regard to the “unexplained investment – In the Statement of income of assessee that the income received on these investment were also disclosed in the regular return, of income prior to the date of search - Issue were decided in favour of assessee.
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