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2014 (12) TMI 724 - HC - Income TaxAdditions towards unaccounted /black money lending business – Whether the assessee were involved in money lending business or had engaged services of Brij Mohan Gupta as a broker – Held that:- The Tribunal was rightly of the view that the there was no material or evidence to show that the assessee were involved in money lending business or had engaged services of Brij Mohan Gupta as a broker - there is no evidence or material to show that Brij Mohan Gupta or Ram Avtar Singhal during the search had identified and decoded the alphabets “AV” to stand for “M/s Amar Nath Virender Kumar, Khari Baoli” - Ram Avtar Singhal and Rajeev Gupta had refused to identify the assessee and had stated that they did not know the parties - Revenue has not produced any statement of Ram Avtar Singhal, Rajeev Gupta or (Late) Brij Mohan Gupta implicating the respondent assessee or corroborating that the code “AV” stands for “M/s Amar Nath Virender Kumar” - even the relevant diary or papers seized with the code “AV” have not been produced - The assertion made in the letter written by the Deputy Commissioner of Income Tax, Central Circle-19, is not sufficient and a good ground to uphold the addition which is only a finding or an inference - failure to produce the diaries/statements and the relevant statement decoding the entries is fatal for the case of the revenue – thus, the order of the Tribunal is upheld – Decided against revenue.
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