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2015 (7) TMI 918 - HC - Income TaxUnexplained credit under Section 68 - Penalty proceedings under Section 158BFA (2) initiated - Held that:- In order to undertake a proper exercise in terms of Section 158BB(1), the AO will have to come to a definite conclusion that what emerges during the enquiry' following the search in the form of information or material is 'relatable to such evidence' as has been unearthed during the search. That exercise will of course vary from case to case. There has to be an application of mind by the AO to the information gathered, and an effort has to be made to relate such information or material to the evidence unearthed during the search. In the instant case, nothing has been brought on record by AO to show that any information or material that he came across during the enquiry was in fact 'relatable' to the solitary accommodation entry which was unearthed during the search. In the circumstances the conclusion of the CIT (A) that there was no justification in the AO simply adding the credit entries which according to him were not explained by the Assessee cannot be faulted. - Decided in favour of assessee.
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