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2013 (7) TMI 539 - HC - Income TaxBlock assessment - Purchase at inflated price - Suppression of tax - Tribunal deleted additions holding that there was no suppression - Held that:- On the basis of the seized material for a certain period, during the part of the block period, certain additions were made by the Assessing Officer - Such materials admittedly related to a brief period of three months, thereafter, for the entire block period to extrapolate the same basis of modus operandi, that too without any basis or material from the seized documents was simply not permissible - In absence of any documents found during search to even link the assessees activities for the entire period, to project by way of extrapolation the facts found during the brief period of about four months would not be permissible - Decided against Revenue. Excess stock - Tribunal deleted addition holding that stock was properly accounted - Held that:- Assessee has received the goods on approval basis and the same was lying in the stock at the time of search - When two authorities concurrently found that the stock was duly explained - no substantial question of law arise - Decided against Revenue.
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