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2014 (3) TMI 112 - ITAT AGRADeletion made on account of low withdrawal for household expenses – Held that:- CIT(A) was of the view that the AO has failed to bring on record any cogent material to justify the addition - The grievance of the revenue is devoid of any sustainable merit - there was no incriminating material whatsoever to suggest as to any expenditure which has not been duly explained by the available fund of the assessee and has not otherwise been disclosed by the assessee - The estimation resorted to by the AO was also not based on any evidence or material in support of such estimation – thus, the order of the CIT(A) upheld – Decided against Revenue. Deletion made u/s 69C of the Act – Undisclosed expenditure/investment in house property – difference between valuation – Reference made to valuation officer u/s 55A of the Act - Held that:- It cannot be said that any incriminating material or evidence was found during the search & seizure operation - CIT(A) has rightly noticed that in the absence of any such material the very reference to Valuation Officer is vitiated in law - No defect or shortcomings were found in the details submitted by the assessee so as to justify the reference to the Valuation Officer - The difference between the value as per valuation report and expenses as per the books of account is reduced to less than 15% which can also be justified on account of normal permissible estimation difference – thus, the order of the CIT(A) upheld – Decided against Revenue.
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