Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (6) TMI 639 - AT - Income TaxAddition of undisclosed income – Loose papers found during search – Held that:- AO while making the addition has placed reliance only on the seized document taking the sale difference as undisclosed income – the seized document is a trading and profit and loss account drawn by the assessee in which all the income and expenses had duly been shown and a net profit has been reflected - The AO has adopted pick and choose method by taking the sales figure and ignoring the income reflected in the same paper after expenses – the pick and choose method/approach is not sustainable in law and if at all the paper was to be relied for making addition in the case of assessee, the undisclosed income can be taken only to the extent as shown by the assessee in the paper out of which profit shown in the regular return of income and undisclosed income shown in the return of income for block period be reduce – thus, addition to the extent of Rs. 10,10,515/- is sustainable – Decided partly in favour of Assessee.
|