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2013 (6) TMI 308 - HC - Income TaxAddition u/s 69 - unexplained investment in lottery tickets - addition on account of incentive income - Held that:- Tribunal had relied upon the findings in the report of auditors which was found to be in accordance with the provisions of the Act. It was further observed that during the course of search, no material was found indicating any payment in cash outside the books of account regarding the purchase of lottery tickets. - no addition - decided in favor of assessee. Regarding incentive income - Held that:- There is no material on record to establish that assessee was either the organizer or stockiest of any lottery. Further, there is nothing on record to indicate that assessee had any dealing with I.C. Khurana. In the absence of such material, it is not understandable as to how the AO could infer that assessee earned incentives @ 1% of total turnover. AO has also not brought any material to suggest that assessee ever received any incentive from the persons with whom assessee had any dealings. - Decided in favor of assessee.
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