Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (1) TMI 1074 - AT - Income TaxAddition on the basis of papers seized from the assessee’s premises - Held that:- In view of the documentary evidence, there is no justification for making addition in respect of entries reflected in the books of account of Tropical and given by cheque by Mr. Shashank Patel and his family members. Receipt of the amount by Tropical Investment and Securities Pvt. Ltd. through cheque from Shashank Patel and his family members, cannot be treated as income of the assessee. The fact that Tropical Investment and Securities Pvt. Ltd. was also assessee with the same assessing officer, has not been denied anywhere. All the above facts were brought to the notice of the AO along with the confirmations, however, the AO had brushed aside the same. Accordingly, we direct the AO to delete the addition of ₹ 1,30,00,000/- (Rs.1,20,00,000+Rs.10,00,000/--), being amount received by Tropical Investment and Securities Pvt. Ltd. through account payee cheques from Shashank Patel and his family members. In respect of balance amount alleged to be received from Shashank Patel in cash has not been enquired by the AO. In the interest of justice and fair-Play the balance addition of ₹ 3,14,16,332/- is restored back to the file of the AO for deciding afresh after making full enquiry from Shashank Patel and M/s Tropical Investment and Securities Pvt. Ltd.. We direct accordingly. - Decided in favour of assessee in part
|