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2014 (3) TMI 692 - AT - Income TaxAddition made by the CIT(A) – Records made on loose papers - Search u/s 132 of the Act – Held that:- The addition of Rs. 17 lacs has been made on the basis of loose paper - no statement of Assessee was recorded at the time of search with respect to the cash receipts - AO had also not examined the purchaser Shri Yogeshbhai Lakhani to whom the said unit was sold and from whom the alleged cash of Rs. 17 lacs is said to have been received by Assessee – assessee submitted that the notings were with respect to the tentative discussion held with Yogeshbhai Lakhani for the purchase of units which ultimately did not culminate – the decision in COMMISSIONER OF INCOME-TAX Versus MAULIKKUMAR K. SHAH [2007 (7) TMI 267 - GUJARAT HIGH COURT] followed – thus, the addition cannot be made – Decided in favour of Assessee.
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