Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (10) TMI 838 - ANDHRA PRADESH HIGH COURTAdditions u/s 68 - Block assessment - Addition on account of omission to record two zeros instead of three zeros – Held that:- Merely because the assessee made coded entries even for small figures, like Rs.100, Rs.200 etc., that does not mean that the assessee has omitted three zeroes. On the basis of the material available on record, and the statements recorded from the various debtors examined, it is very much clear that what was omitted by the assessee is only two zeroes and not three zeroes. In the absence of any material to the contrary brought on record, the assessing officer is not justified in ignoring the statements recorded from debtors. The statements recorded by the assessing officer clearly establish that what was omitted by the assessee is only two zeroes and not three zeroes. Addition of Rs.1,50,000/- as cash credit from undisclosed sources – Held that:- Remanded the matter to the file of the assessing officer for due verification and decision in accordance with law, after giving reasonable opportunity of hearing to the assessee.
|