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2019 (6) TMI 1447 - AT - Income TaxUnexplained income - declaration made by another party before the Settlement Commission - HELD THAT:- ssessee need not to be asked to explain the entries or notings in the books of a third party. In the absence of any other independent material to corroborate the statement of Shri Bhikhubhai Padsala made before the Settlement Commission, it would not be prudent to take the view that there was a transaction between the assessee and Shri Bhikhubhai Padsala in cash with regard to the purchase of certain parcels of land. Declaration made by another party before the Settlement Commission is not binding upon the assessee, therefore, no additions can be made in absence of any independent material. - Decided in favour of assessee Reopening of assessment u/s 147 - HELD THAT:- Reopening of the case on the basis of information received from the Investigation Wing which had searched the premises of Shri Bhikhubhai Padsala and seized certain documents. In our considered opinion, ld. A.O. was justified in issuing notice to the assessee on the basis of material was supplied by the Investigation Wing to the A.O. of the assessee. Therefore, we dismiss C.O’s. of the assessee, it is pertinent to mention here that in connected appeal, we have given relief to the assessee by dismissing the appeal of the Revenue.
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