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2014 (1) TMI 1394 - AT - Income TaxUndisclosed income - Held that:- Decision in Commissioner Of Wealth-Tax Versus BM Kanodia (HUF) [1990 (4) TMI 32 - ALLAHABAD High Court] followed - The AO should consider all the evidences furnished at the time of assessment proceedings and otherwise - The AO should re-examine the Wealth tax Returns in which the said jewellery has been claimed to be disclosed - The issue has been restored for fresh adjudication. Disallowance u/s 14A - Held that:- The assessee has maintained mixed funds for investments and the business activities - The assessee has earned exempt income on investments - The assessee has excess interest free funds adequate to earn the impugned exempt income - Decision in CIT vs. Reliance Utilities & Power Ltd [2009 (1) TMI 4 - HIGH COURT BOMBAY] followed - The issue has been restored for fresh adjudication. Estimation of annual lettable value of property - Held that:- The AO has not examined some of the relevant facts such as when the asset was acquired by the assessee, how the asset is reflected in the books of accounts for all the years, how the asset is being used over the years etc - If the books of accounts are found during the search action, at the impugned flat, that should undisputedly indicate that the premises is of business nature - If the books indicate the depreciable nature of the said premises, by figuring out from the depreciation schedule, the provisions of section 23 becomes irrelevant - The issue has been restored for fresh adjudication.
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