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2014 (11) TMI 939 - HC - Income TaxUnaccounted business income and unexplained investment - Sales of silver ornaments not reflected in the books of account - Held that:- Assessment made is just and proper - The statements made in the affidavits are not based on any record or corroborated with cogent evidence - The presumption raised by the papers which were seized from the custody of the assessee had not been rebutted – Decided against assessee. Penalty u/s 271(1)(c) – Held that:- The penalty has been wrongly imposed u/s 271(1)(c) – in Commissioner of Income-tax Versus Krishi Tyre Retreading and Rubber Industries [2014 (2) TMI 21 - RAJASTHAN HIGH COURT] it has been held that as the addition had been sustained purely on estimate basis and no positive fact or finding had been had been found so as to even make the addition which was a pure guess work, no penalty u/s 271(1)(c) of the Act could be said to be leviable on such guess work or estimation – Decided in favour of assessee.
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