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2015 (1) TMI 420 - HC - Income TaxPenalty under Section 271D - violation of Section 269-SS - surrender of income - Receipt of Loan in cash - held that:- Revenue has relied on the statement of Yogesh Gupta recorded on 31st May, 2006. In the said statement Yogesh Gupta had disclosed and surrendered an amount of ₹ 13.05 crores as additional income in the financial year 2005-06. This included ₹ 2 crores in his own hand and ₹ 9.05 crores as income of Real Tech Projects Pvt. Ltd. ₹ 2 crores was disclosed as undeclared income of Home Developers Pvt. Ltd. In the said statement in question Nos.11 and 12 Yogesh Gupta was asked to explain document A-12. Yogesh Gupta had stated that these were unaccounted ‘transactions’ in cash. No question was put to state or furnish the details of the writer or recipient i.e. the details of the companies, which had received the said amounts. He was also not asked to specify or state whether the amount received was on account of advances for flats or loan. Revenue was fully satisfied by the surrender made and closed their investigation. Thus, in the present case, there is doubt, but it is not established that the respondent- assessee had taken loan/deposit in cash. There is suspicion but this alone without further verification and investigation cannot justify the finding that the respondent-assessee had taken loan/deposit in cash. The findings recorded by the tribunal are not perverse. - Decided against Revenue.
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