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2015 (10) TMI 1625 - AT - Income TaxBenami transaction - Addition made on account of income from M/s.Chandan Carrier - Held that:- In the instant case, the AO made addition of ₹ 1,07,890/- being income from M/s.Chandan Carriers, holding the assessee as benami of his brother-in-law Shri Nilesh Shah. Considering the contention of the assessee that he has shown income from truck under section 44AE of ₹ 2,01,000/- which includes income of ₹ 1,07,890/- from M/s.Chandan Carriers, and therefore, no separate addition of ₹ 1,07,890/- is warranted none of the lower authorities has verified this contention of the assessee. Further, the contention of the assessee that he has transferred the trucks owned by him to his brother-in-law, Shri Nilesh Shah, as it had started new business of agriculture products, is not substantiated with any evidence as to how and on what terms, the same was transferred and what is the consideration received. Therefore, this contention has been rightly rejected by the lower authorities. However, we are of the considered view that it shall be in the interest of justice to restore the matter back to the file of the AO to verify whether income from trucks shown at ₹ 2,01,000/- under section 44AE by the assessee in the return of income include income from M/s.Chandan Carriers. If so, no further addition of ₹ 1,07,890/- to the income of the assessee is required. We, therefore, set aside the orders of the lower authorities on this issue and restore the matter back to the file of AO to re-adjudicate the issue afresh - Decided in favour of assessee for statistical purpose.
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