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2014 (1) TMI 978 - ITAT MUMBAIUnexplained expenses - Held that:- The AO has not brought any other material evidence on record to substantiate that expenses were incurred by the assessee - The AO has accepted that the amount has been incurred for the purchase of property of Shah Malleable Castings - The AO has also not made any effort to examine the persons in whose names the amounts have been found recorded in the seized documents - No evidence has been brought on record which could suggest that the AO has made investigations from the seller of the property to verify whether a sum of Rs. 50,05,000/- has been paid to them over and above the amount recorded in the books of accounts - Following ACIT Vs Prasant Ahluwalia [2004 (6) TMI 260 - ITAT CUTTACK] - Amounts noted in round figures clearly indicate that they were rough estimates and because they were not actually expended, all the figures were in round figures - As no corroborative material was brought on record by the AO for rejecting assessee's contention that jotting on the piece of paper was an estimate and not actually expended, additions based on chit papers and presumption of the AO could not be sustained in the absence of any corroborative material or evidence - Decided against Revenue.
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