Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (10) TMI 221 - AT - Income TaxAddition made on adhoc basis - Nature of payment ignored – Undisclosed income - Held that:- There was search and seizure operation under Section 132 of the Act in the case of Capital Meter group - The assessee is a director and CEO of Capital Power Systems Ltd., one of the companies in Capital Meter group - the income in the individual capacity of Shri Pawan Kumar Bansal is disclosed for the first time by the statement dated 12th September, 2006 - In this statement also, he does not say that the income of ₹ 3,55,00,000/- is the income of AY 2007-08 but says that it is the additional income of different years during the block period - the cumulative effect of the letter dated 1.9.2006 and statements dated 8.9.2006 and 12.9.2006 is to be seen and whether as per the cumulative effect of all the above three documents can it be said that the undisclosed income of ₹ 7 crores is required to be assessed in the hands of the assessee i.e. Shri Pawan Kumar Bansal for AY 2007-08 - it cannot be said that the income is liable to be assessed in the hands of the assessee for the AY - CIT(A) adopted the right course of action i.e., to determine the undisclosed income on the basis of loose papers found and seized from the assessee’s premises - CIT(A) to the extent wherein he held that the income of the assessee i.e. Shri Pawan Kumar Bansal is to be determined on the basis of undisclosed income as per the noting on the loose papers – Decided against revenue. Income determined on the basis of loose papers – Held that:- The entry relates to some transaction dated 24th December, 2003 - the transaction cannot be said to be pertaining to the accounting year relevant to the AY under consideration - the only addition which can be sustained on the basis of loose papers found and seized during the course of search is ₹ 7,90,000 - the addition of ₹ 7,90,000/- in the case of the assessee i.e. Shri Pawan Kumar Bansal is upheld – Decided partly in favour of assessee.
|