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2013 (12) TMI 1410 - AT - Income TaxAddition on account of unexplained investment based on statement – Held that:- during the course of search statement u/s 132(4) was recorded of the assessee by which it was admitted that he will disclose a sum of Rs. 60 Lakh for the year in consideration and amount of Rs. 65 Lakh for assessment year 2008-09 - while filing the return no such amount was declared by the assessee as assessee retracted from the statement, for the reasons that no such investment was made in shares as only Rs. 2.50 lakh was given as advance on account of purchase of share - Neither there was any purchase was made by the assessee nor any incriminating documents were found. If there no shares were purchased and assessee has paid only 2.50 Lakh in advance then ofcourse, addition should not have been made only on the basis of statement made u/s 132(4) - there should be some corroborative evidence – but there was no corroborative evidence found from which it can be said that assessee has made investment of Rs. 60 Lakh - Only on the basis of statement recorded u/s 132(4) this addition has been made and sustained - no addition could be made or sustained simply on the basis of statement recorded at the time of survey/search - AO made addition on the basis of statement recorded and no other enquiry has been made, neither case has been examined properly, nor the fact that the company in which the assessee is a director has surrendered additional income – The matter should go back to the file of the Assessing Officer –Decided in favour of Assessee.
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