Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (6) TMI 397 - AT - Income TaxAddition made on the basis of statement - proper books of account - assessee herein is an ENT surgeon - evidentiary value of statement taken during survy - Held that:- The statement taken from the assessee as well as staff member of the assessee, has further been corroborated by the AO by bringing the fact on record that the assessee did not maintain proper books of accounts. Further, AO has pointed out that the assessee could not bifurcate the professional receipts of Rs.12.54 lakhs under various heads of activities. The assessee also could file only the cash flow statements to substantiate his investments and other cash outflow. These facts clearly show that all is not well with the assessee. These facts, clearly support the case of the AO meaning thereby, the addition of Rs.2.00 lakhs could still be made by the AO without drawing any support from the Statements taken during the course of survey. Hence CIT(A) has misdirected himself in assuming that the impugned addition was made on the basis of statements alone. It is well settled proposition of law that the retraction should be made at the earliest possible opportunity. In view of the huge time gap, the affidavit filed by Smt. K. Laseena is liable to be rejected. Thus AO was justified in making the addition. Against assessee. Addition of cash credit received from Smt. Mini, spouse of the assessee - CIT(A) deleted the addition - Held that:- AO has added the amount without examining either the assessee or the spouse of the assessee & CIT(A) has deleted the addition without carrying out any such examination. Thus, both the tax authorities, has proceeded to deal with this issue on surmises by making certain presumptions failing to examine the above said cash credit as mandated by the provisions of sec. 68 - restore the same back to the file of AO for reconsideration. Addition of cash credit received from a concern named M/s. Priya Health Care - CIT(A) deleted the addition Held that:- AO did not accept the genuineness of credit without carrying out any verification & CIT(A) has also deleted the addition without making any examination of the claim of the assessee. Thus, both the tax authorities, has proceeded to deal with this issue on surmises by making certain presumptions failing to examine the above said cash credit as mandated by the provisions of sec. 68 - restore the same back to the file of AO for reconsideration. Addition relating to the sale of furniture and fittings - Held that:- Assessee could not furnish any evidence to substantiate the claim of receipt on sale of furniture and fittings. Before the CIT(A), though the assessee claimed that the furniture and fittings were accumulated over a period by spending a sum of Rs. 20,000/- per year, yet it turned out to be a oral explanation, as the assessee could not furnish any evidence in support of the said claim. Thus, the credit of Rs.1,53,165/- turns out to be a mere cash credit. As assessee could not discharge the initial burden placed upon him u/s 68 AO was right in assessing the amount of as the income of the assessee. Against assessee.
|