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2014 (5) TMI 701 - AT - Income TaxAddition made – Dealing in scrap – Inflated expenses – Material not examined - Held that:- The assessee did not appear before the AO in the proceedings in pursuance to the revision order passed u/s 263 - the AO has not examined any material on record while deciding the issue of inflated expenditure - AO has made additions simply on the basis of difference found between the details containing in the floppy seized during the search and the expenditure booked in the audited final accounts of the assessee – the contention of the assessee is accepted that the AO has made addition mechanically without proper examination of the record - the CIT(A) has also not made any effort to get the issue properly examined and dismissed the appeal of the assessee on the basis of presumption raised u/s 292C – thus, the order is set aside and the matter is remitted back to the AO for fresh adjudication – Decided partly in favour of Assessee.
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