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2013 (11) TMI 16 - HC - Income TaxAdditions made u/s 69C of the Income Tax Act – Whether the Assessing Officer had acted on conjectures and surmises – Held that:- The assessee was in the best position to explain the expenditure incurred as per the books of account maintained, but could give an explanation only with regard to a part of the expenditure and not the entire expenditure. Both the authorities that is the Assessing Officer as well as the Tribunal considered the explanations offered and found them unsustainable - Cannot reappreciate the material on record and come to a different conclusion, unless the view expressed by the Assessing Officer and the Tribunal are perverse or are views that could not reasonably be arrived at – No any perversity in the conclusions arrived at by the authorities - Additions were made on the basis of conjectures and surmises is not true - The expenses were mentioned in the documents seized from the premises of the assessee and were admitted by the assessee. It was for the assessee to justify the expenditure incurred as business expenditure. He was able to do so for only a part thereof – Decided against the Assessee.
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